Galería Canalejas, central Madrid's 'luxury mecca', is up for sale

Madrid – The Spanish multinational OHLA, successor to the former OHL of the Villar Mir Group, will put the exclusive Galería Canalejas shopping complex up for sale at the end of the year. This was announced by its chairman of the board of directors and main shareholder, Luis Amodio. He has ruled out the possibility of the transaction being completed for less than 200 million euros (232 million dollars).

The global infrastructure group, as it likes to call itself, began the week by presenting its results for the first quarter of 2026. The board of directors then convened a General Shareholders' Meeting for the upcoming June 29. Following this, Luis Amodio, chairman of the board and, along with his brother Mauricio, one of OHLA's two main shareholders with nearly 22 percent of the voting rights, participated in the annual congress of the Consejo Empresarial Alianza por Iberoamérica (CEAPI) from Mexico City. The event was held in the Mexican capital from May 25 to 27. Keynote speakers and participants included figures such as Nadia Calviño, president of the European Investment Bank; José María Aznar, former president of the Government of Spain; and Carlos Slim, chairman of the multinational group Carso.

Taking advantage of the meeting, Amodio held a “tête-à-tête” with a group of Spanish journalists, including representatives from mainstream media such as El País and El Mundo. During this meeting, he announced the upcoming decision by OHLA's board of directors regarding Galería Canalejas. Since opening its shopping gallery doors in June 2022, the centre has solidified its position as the “grand mecca of luxury” in the heart of Madrid. OHLA had previously highlighted its intention to strengthen this positioning after finalising the dissolution of its partnership with the Emirati investment company Mohari Hospitality, owned by Israeli-Canadian billionaire Mark Scheinberg. The Spanish company reported on April 29 that the agreement had been finalised, which involved the distribution of the various assets comprising the Galería Canalejas Complex between the two parties. The complex as a single entity has since ceased to exist. Mohari and Scheinberg have taken ownership of the hotel, currently operated by the Four Seasons chain, including the retail space at its base occupied by Hermès, and the hotel's associated car park. OHLA has retained exclusive ownership of Galería Canalejas and the main car park of the complex, along with one-third of the property's outstanding debt.

Completing the details of the announcement, the Spanish group also reported that as part of the asset division process of the Canalejas Complex, a refinancing of the assets now under OHLA's ownership had been carried out through a “project finance” deal, totalling 63 million euros. It was specified that these funds were allocated to both cancel the previous financing and to open a line for future “capex” for the shopping gallery. This operation served to refinance the previous debt and provide the shopping complex with new investment funds. The aim was to boost and reinforce its “positioning as one of Madrid's leading luxury shopping destinations”. This purpose is now confirmed to be a preliminary step towards the approval of its sale by OHLA.

Sale before year-end for over 200 million euros

No official information has been transmitted to the Comisión Nacional del Mercado de Valores (CNMV), which is unusual for a listed group like OHLA. According to published reports, during his meeting with journalists in Mexico City, the chairman of the Spanish construction company stated that OHLA's current plans for Galería Canalejas are to accelerate facility improvements. These improvements are intended to first increase the value of the shopping gallery and second, to complete the occupancy of its retail units. Amodio considers this point to be almost decisive in reaching an agreement for the sale of the shopping complex.

The chairman of OHLA justified this strategy by explaining that the intention is to increase the gallery's sale price. He estimates the price would naturally be higher with all units occupied rather than with empty retail spaces. The forecasts remain that the sale of Galería Canalejas could be closed before the end of this year. Secondly, the transaction is not expected to fall below 200 million euros, a figure above which Amodio has set the book value of Galería Canalejas. He believes OHLA should divest from the complex as it is a mega-project that does not align with the strategy, priorities, or business model towards which OHLA is redirecting itself. For the group, “we are not interested in pharaonic mega-projects”, which “often take too long” to build, and “are too costly and not necessarily very profitable”. Amodio stated that the majority of the proceeds from the asset sale will be used to reduce the company's debt, which currently stands at around 300 million euros.

From an operational standpoint, over the last four years, Galería Canalejas has established itself as the main “meeting point” for luxury shopping in central Madrid. This consolidation has been supported by the city's rising value as a preferred destination for luxury tourism. This is the result of a feedback loop in which the “Four Seasons effect” has been undeniably decisive. This factor originated with the opening of the American chain's first establishment in Spain in Madrid at the end of 2020. This event marked the beginning of Madrid's ascent among the top international “luxury destinations”, and consequently, that of Galería Canalejas for luxury shopping.

Following the opening of the shopping gallery in June 2022, several prestigious firms and houses now operate from the Galería Canalejas complex. To be precise, Hermès operates from the ground floor of the Four Seasons. The line-up includes brands such as Cartier; Giorgio Armani; Jimmy Choo; Louis Vuitton; Marc Cain; Moncler; Omega; Rolex; Saint Laurent; Stefano Ricci; Tumi; Valentino and Zegna. Particularly noteworthy in this retail offering is the Dior boutique, which opened in April 2023 as the Parisian house's largest store in Spain. There is also an indefinite pop-up from the Madrid-based firm MR. AB, by Tomás Laso-Argos and Rafael Medina, which has recently welcomed fighter Ilia Topuria as an investment partner. Finally, the Tom Ford store is the American fashion house's only own-brand store in Spain.

This article was translated to English using an AI tool.

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