Gran Via 32
In 2007, C&W advised Drago Capital on the acquisition of the Grupo Prisa portfolio, including Gran Via 32. From the beginning C&W had a clear strategy to follow: convert Gran Via 32 into a unique and exclusive asset by recovering its original retail use and thus, maximise its value to proceed with the sale, carrying out a global marketing strategy.
First steps were:
The change from office to retail use (up to the 5th floor) and secure tenant: Primark would open its flagship store in Gran Via 32.
Despite achieving this investors were still reluctant, concerned about what would happen if Primark were to leave the building as they occupy 15,000 sq.m.. and the volume of investment in a country in which, up to a few months previous, was receiving little interest.
A global marketing strategy, in collaboration with C&W London, was developed to show the full potential of the building and to attract investors from all continents, creating a very competitive sale process, but also further increasing the value of Gran Via 32. We convinced potential purchasers that, even if Primark left the building, Gran Via 32 would find a new tenant quickly.
In the end Gran Via 32 was acquired by a major local investor: Pontegadea, continuing with its strategy of acquiring exclusive and emblematic properties.
Thanks to the strategy followed, we managed to comply with the price objective required by Drago Capital, achieving the largest High Street investment transaction in Spain, with an attractive yield.