Quadernillos, Alcalá de Henares, Madrid
Quadernillos is a 30,000m2 retail/leisure park within the consolidated out-of-town retail area of Alcalá de Henares, Madrid. It was originally developed in 2006 and acquired by an international investor, supported by an international bank providing debt financing.
How we saw the opportunity
During the financial crisis that started shortly afterwards, Quadernillos was, in our opinion, under-managed. As a result, it had suffered high levels of vacancy and considerable reductions in revenues. Put simply, the asset was in a highly distressed state.
How we added value
Temprano acquired the asset in September 2013 for approximately 10 percent of its pre-crisis value. Since then we have:
- re-geared leases
- re-dimensioned service charges
- undertaken an extensive refurbishement programme and secured permission to improve the access from the N2 motorway
- successfully widened the planning permission to remove the retail versus leisure restrictions
- introduced some major category-killer tenants both in the retail and the leisure component
As a result, we have increased monthly car visits by 20 percent, increased occupancy to 90 percent and increased NOI by 103 percent.
Alcalá de Henares, Madrid