Investment firm Ardian has entered the Spanish residential market by acquiring a Madrid office asset from Patrizia, which it plans to convert into luxury apartments.
Ardian has invested an unspecified sum to buy the 3,000sqm property located at Calle Zurbarán 28 in Madrid’s Almagro district with a plan to convert the office space into a residential building consisting of 10 apartments and 40 parking spaces.
Ardian said the transaction – which represents its first deal in the residential sector in Spain – is in line with the firm’s strategy to expand its investment portfolio and diversify across real estate asset classes in Europe, particularly in Spain.
“We are excited about this latest investment in Spain. This project reflects our trust in the local real estate market and our dedication to developing high-quality real estate locally.
“We firmly believe in Madrid’s potential as a dynamic and growing city centre and want to contribute to the development of the city with innovative and sustainable projects,” the company added.
To read the latest IPE Real Assets magazine click here.
