Stage Entertainment and Rockspring acquire two theaters in the Gran Vía

Stage Entertainment and Rockspring have set up a joint venture to acquire two classic theaters in Madrid's Gran Vía for a total of 58 million euros. The Coliseum, built in 1932 and with 1,440 seats, and the Lope de Vega, which dates from 1946 and has a capacity of 1,456 places, are located in what is widely known in the media as "Madrid's Broadway" due to the concentration of venues staging musicals and theater shows.

For the last five years the Lope de Vega has been showing The Lion King, which has played to packed audiences since it started and is now the most successful musical in the history of the genre in Spain. In fact, Stage Entertainment is already familiar with this establishment, as its Spanish subsidiary produced this version of the Disney classic, and since 1999 had previously been behind other musicals such as Phantom of the Opera, Mamma mia!, Jesus Christ Superstar and Les Miserables.

The company has also staged musicals in the Coliseum theater, including Cats, Beauty and the Beast, Saturday Night Fever and Chicago. All these productions were performed in Spanish and featured mostly Spanish professionals, in line with its strategy of performing shows in the local language in the European countries where it is present.

The joint venture between both companies is intended to combine their strategic plans. In this case, Rockspring's interest in developing its property portfolio in areas in the main European cities fits with Stage Entertainment's commitment to the Spanish live entertainment market and its goal of increasing its presence in the cultural heart of Madrid.

According to Just Spee, CEO of Stage Entertainment, the buildings will be managed by Rockspring Iberia, whereas Stage Entertainment España guarantees the continuity of The Lion King and will reinvigorate the program at the Teatro Coliseum.

In addition to the theaters, the purchase includes both commercial areas, comprising 1,419 square meters, and three adjacent buildings containing a total of 43 apartments. Stage Entertainment has undertaken to occupy the theaters for at least the next ten years.

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