Hines has announced the completion of the refurbishment of Preciados 13 and Maestro de Victoria 5, one of the company’s most significant projects in Madrid. The two adjacent buildings are located on Calle Preciados, which is the main pedestrian street and recognised as one of the principle shopping destinations in Europe.
Hines has invested over €12 million in refurbishing the building, which boasts retail space spanning 2,700 square metres, where Inditex Group has chosen to open a Bershka flagship store, and 2,000 square metres for a Chic & Basic hotel which will open in the autumn.
Hines acquired the premises, consisting of two buildings at Calle Preciados 13 and Maestro de Victoria 5, in 2017 on behalf of Bayerische Versorgungskammer (BVK), the largest pension fund in Germany with assets under management of € 97.2 billion and a focus on prime retail across Europe.
Both buildings, owned by BVK, have undergone a major renovation plan to unify the facilities, which has improved the commercial space and allowed for the development of a boutique hotel. The renovation of both buildings includes upgrades to the structure, layout, facilities, finishes, and the façades. The focus of the works was to preserve the heritage of the historic buildings while updating the control and consumption systems, to allow the commercial space to be improved and the boutique hotel to be developed. The international brand Bershka, part of the Inditex Group, and one of the world’s largest fashion retailers, is returning to Preciados having left in 2017, and has leased space across the Preciados 13 building, as well as the ground floor, basement and first floor of the adjacent building, Maestro Victoria 5.
Chic & Basic has chosen this location to open its first hotel in Madrid. The hotel chain will take up 51 rooms on floors 2, 3, 4, 5 and 6 of the Maestro de Victoria building. The hotel offer will also feature the gastronomy of Naked & Sated, which is set to occupy 165 square metres of the building.
Source : Hines