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WOW Concept changes its director. Jiménez has just reached an agreement to acquire the Madrid building for 70 million euros: a transaction that is expected to be made official this Friday.
The building, leased for two years to the former president of El Corte Inglés, Dimas Gimeno, has been owned by the funds Cbre IM and IBA Capital since its acquisition in 2017 for about 45 million euros.
The sale and purchase agreement includes the viability of the tenant and its agreed rent of 3.15 million. A negotiation with which Jiménez becomes the new owner of WOW Concept, marking his first foray into the world of retail. His real estate portfolio did not yet include the fashion sector, which will now coexist with his Burger King, McDonald’s, Popeyes and Tim Hortons stores.
Jimenez founded Restaurant Brands Iberia (RBI) in 1981 and has led the company for the past 30 years. However, in January he moved to the position of non-executive chairman after being replaced by Luis Herault.
As for Gimeno‘s company, it closed 2022 with losses of 14 million euros and profits of 4.3 million euros. Results justified by the founder himself for being ‘an emerging company’, assuring that the beginnings require investment and that sales ‘take time to arrive’. Now, the company intends to expand and attract new brands, both niche and luxury, which also exhibits in the store it owns in Serrano.
New restoration project at WOW
With this acquisition, Jiménez also shows his support for Dimas’ new restaurant plan, which is awaiting final approval from the Madrid City Council. A gastronomic project in which to develop events, which will open on the fifth floor and on the rooftop of the building. Spaces in which previously had a restaurant that had to close due to incompatibilities of licenses.
