US private investor and developer Hines has been selected by Anida, the real estate subsidiary of BBVA bank, as development manager for the renovation of Villanueva 4 into luxury apartments.
US private investor and developer Hines has been selected by Anida, the real estate subsidiary of BBVA bank, as development manager for the renovation of Villanueva 4 into luxury apartments.
Located next to Madrid's National Library, the building was formerly utilised for office space and will be transformed into 4,000 m2 of upscale apartments with parking for 50 cars. Renovation will begin in February 2012, with completion expected 18 months later.
Hines will oversee project design and construction, and has selected architect Rafael Robledo to design the project.
Hines entered the Spanish market with an investment in Barcelona in 1995. Known as Diagonal Mar, the investment centered on 34 hectares of land fronting the Mediterranean Sea. In 2000, Hines expanded its operations in Spain by opening a Madrid office, and a Marbella office in 2004.
