Credit: Hines

Hines Signs €50 Million Green Loan for Mixed-Use Property Preciados 13

Hines, on behalf of Bayerische Versorgungskammer (BVK), has signed a €50 million green loan with CaixaBank as part of a new financing package for its flagship Preciados 13 project in Madrid. In 2017, the mixed-use building was acquired by Hines on behalf of BVK Highstreet Retail Preciados S.L.U.

The recently renovated complex is located at calle Preciados 13, Madrid’s main pedestrian street, recognized as one of the main shopping destinations in Europe, and lies on the corner of calle Maestro de Victoria. €12 million have been invested in refurbishing the building, which boasts retail space spanning 2,700 sq m, leased to the international fashion brand Bershka, part of the Inditex Group and one of the largest fashion retailers. In addition, the complex has a Chic & Basic hotel and a Naked & Sated health food restaurant.  

Under this agreement, Hines has taken a step forward its ESG strategy to promote energy efficiency and drive down carbon emissions. Preciados 13 has recently obtained its BREEAM certificate in recognition of its commitment to sustainability, while the retail and hotel space have achieved the highest Class A certification for energy consumption.

Vanessa Gelado, Senior Managing Director and Country Head of Hines in Spain said: “We’re very pleased with the refinancing of this historic property in Madrid, which has undergone a very significant transformation in recent years. Thanks to the quality of the refurbishment we’ve managed to agree a green deal with CaixaBank in line with our ongoing ESG strategy.”

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