Private investment firm Ardian has teamed up with real estate developer Lamar Development to acquire a prominent office building located in Spain for an undisclosed sum.
The asset at Calle Alcalá 38-40, in Madrid, dates back to 1880 and features a total area of around 10,000sqm distributed across seven floors with a private courtyard garden on the ground floor and a rooftop terrace.
The partnership intends to redevelop the property into a high-end energy-efficient residential complex.
Lamar Development will manage the project.
Edmund Eggins, head of real estate Spain and managing director of Ardian, said: “We are very excited about this latest acquisition in Spain. This project reflects our trust in the local real estate market and our dedication to developing best-in-class real estate in major European cities.
“We are firm believers in Madrid’s potential as a dynamic and growing city and look forward to contributing to the development of the city with innovative and sustainable projects.”
Lamar Development’s European partner Henri Hottinger said this latest acquisition marks Lamar’s second investment in the immediate area “and reflects our conviction in both Madrid and the continued evolution of this area as one of Europe’s most compelling luxury residential destinations”.
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