In July of last year Redevco Iberian Ventures, the joint venture between Redevco and Ares Management, acquired Mercado San Miguel for €70 million. The renowned, covered gastronomic market is a tourist attraction in the heart of the historic center of Madrid. Most notably, it is a designated heritage-protected building.
What are Redevco’s plans for the Mercado San Miguel? The company is focusing its asset management efforts on re-tenanting, re-marketing and refurbishment. Creating the right tenant mix includes signing Michelin Star chefs and well-recognized Spanish gastronomic brands, such as Arzabal, Rocambolesc, Kabuki, Ahumados Dominguez and Rodrigo de la Calle. As part of the long-term marketing strategy, the food court and kiosks have been redesigned, and technical installations are being improved.
The re-launch is scheduled for October 2018. Jordi Soriano Raga, Portfolio Director Redevco Spain & Portugal, who is looking forward to this event, explains: “We are enhancing this listed architectural gem to continue being one of Madrid’s top tourist attractions.”