Private investment house Ardian has made its residential debut in Spain with a deal in Madrid.
The property, acquired from investment manager Patrizia, has a total built-up area of around 3,000 m2 and is situated in a prime location at Calle Zurbarán 28, in Almagro, which the firm described as 'one of Madrid's most exclusive neighbourhoods'.
Ardian said that the deal underlined its strategy of diversification across real estate asset classes in Europe, particularly in Spain.
Ardian will transform the space from offices into a high-end, highly sustainable residential building comprising 10 apartments with 40 parking spaces.
As part of Ardian’s commitment to sustainability, the building's carbon trajectory will also be aligned to the Paris Agreement targets.
Edmund Eggins, managing director real estate, Ardian, said: '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 center and want to contribute to the development of the city with innovative and sustainable projects.'
