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03|10|2017

AEW acquires the Fuencarral Market in Madrid and rents it to Decathlon

The Europa City fund of AEW has acquired relevant premises in Madrid, on Fuencarral Street, one of the three most important commercial circuits in the capital's downtown. What for many years was known as the Fuencarral Market has 2,436 square meters across three stories. In a few months, it will be occupied by Decathlon, whose "Opening Soon" sign already hangs on the façade, covering the fencing around the construction for adapting the facilities.

This is the second most important acquisition by AEW in Spain, for which it has invested €50 million and a year of negotiations. In total, the fund has acquired six assets in Spain over the last two years, representing a value of €406 million. Furthermore, it opened an office in Madrid last January.

The Executive Director of Equity at AEW, Nikos Koulouras, states: “We are committed with the Spanish market and continue to search for interesting opportunities through our strategies”.

The Decathlon strategy
This purchase fits like a glove for Decathlon, the French sporting goods company, given its new strategy of opening in downtown areas of large cities. It has not taken long in announcing the rental of the premises from its new owners to install one of the three stores it will open soon in Madrid over the coming months.

Just like other distribution companies that positioned their stores in suburban areas of cities, Decathlon now places its bets on relocating downtown to make sports more approachable to a larger number of people. Though it already counted with a version of small-format stores, in upcoming months it will open three large establishments in Madrid: one on Fuencarral Street, another on Ortega y Gasset Street measuring 2,600 square meters, and the last one on Princesa Street, measuring 1,700 square meters.

Decathlon already hast 158 stores in Spain, and now commits to the omnichannel as a growth strategy. That's why it offers options like online purchases with in-store pickup in under two hours, and the possibility of making online purchases from physical stores.
 

Last updated: 09|10|2017

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