PORTFOLIO: IBERIA FUND I
Retail and residential redevelopment in downtown Madrid
Hipster is a mixed use retail, office and residential building acquired in late 2015. The property is in the Madrid subdistrict of Fuencarral, which is a trendy downtown semi-pedestrian street and rated as one of the top three retail locations of Madrid. The building has 7,762 sm, including a 2,627 square meters retail passage on the ground floor and seven floors of residential and office space above.
The acquisition fits well into both, the retail turnaround and residential re-development strategies which ASG is undertaking in Spain. It has strong upside potential due to limited supply of retail units and the lack of high quality residential condos in this trendy and demanded city center location.