Spanish REIT Árima said this week that it has sealed the off-market acquisition of two properties at Calle Pradillo 56 and 58 in Madrid’s CBD from multiple owners.
The adjacent properties, together with neighbouring Pradillo 54 – already part of the Socimi’s portfolio – will allow the Socimi to create a large 12,000 m2 GLA office complex with 180 parking spaces.
The company, which owns a €344 mln portfolio, expects to invest a total of €47 mln to create the complex which will feature an iconic main façade, flexible and light-infused spaces, common areas, terraces and multi-level green spaces.
Demolition works are scheduled to get underway in the first half of this year.
