PORTFOLIO: IBERIA FUND I
Madrid retail repositioning
Sexta Avenida is shopping center near El Plantío, a suburb close to the A6 highway heading northwest out of central Madrid. The two-story, 16,800 sq.m. center was part of a three-property portfolio of non-core assets divested by Klépierre following its takeover of Corio in 2015. The fund purchased the property at an attractive price because of its 24% vacancy rate and overdue refurbishment needs.
Through active hands-on asset management and capital expenditure ASG expects to reposition Sexta Avenida so that it can achieve its potential as a well-located shopping center in an affluent catchment area close to the Spanish capital.