M Core enters the Spanish market with the acquisition of Quadernillos retail park

Proudreed Spain, part of M Core in partnership with BPN Capital Partners has acquired the Quadernillos retail park from the investment group owned by an English family office and a Qatari investor that has held the asset since 2013. This is M Core's first investment in Spain.

Quadernillos, located in the Madrid town of Alcalá de Henares, comprises a retail and leisure park with a total lettable area of 30,000 sqm. The tenant mix comprises grocery, retail, home furnishings, DIY, leisure and restaurant operators including brands such as Family Cash, Brico Depot, Ozone, Burger King, Foster's Hollywood, Ginos and The Fitzgerald. The cinema of 9,000m2 operated by Ocine is not part of the transaction.

The park has been comprehensively repositioned and improved since acquisition by the vendors taking the occupancy from 49% to the current level of 94% and reaching visitor numbers of around 5 million per annum. Amalthea Retail acted as asset managers.

The vendors have been advised by the real estate consultancy Cushman & Wakefield and legal advisors Eversheds Sutherland. The purchaser was advised by real estate consultancy Savills, legal advisors Perez Llorca and financial advisors Deloitte.

Proudreed Spain is part of the M Core, a UK based family owned property group. The joint venture with BPN Capital Partners is to establish a new investment platform for the acquisition and management of commercial real estate assets across Iberia. The partnership has a long term multi-generational investment approach. 

M Core owns around €5 billion of property assets in the UK, France, Poland, Germany, and now Spain. Multi-generational in outlook and philosophy, the group is committed to generating stable and growing income over the long term through effective collaboration with its investment partners, tenants, and team. Proudreed Holding in France is one of the key components of M Core, owning and managing around €2.6 billion of assets throughout the country.

BPN Capital Partners was founded in 2022 by Stephen Newman, Simon Blaxland and James Preston, as a real estate investment platform for their respective family offices. The partners have track records that span between 30 and 40 years across a range of sectors and cycles throughout Spain and Portugal.

“The creation of the partnership between Proudreed Spain and BPN Capital Partners combines the two investment platforms, enabling the new venture to access a wide range and volume of opportunities at an interesting time in the market. The partnership team has extensive local experience and an impressive track record”

Christophe Le Corre, President, Proudreed Holding, France.