Europa Capital has announced the acquisition of a prime residential building in Madrid, known as General Martinez Campos 19, for €25 mln.
The 6,500 m2 building, which dates to the early 20th century, is to be refurbished in partnership with Madrid-based Richelieu Developments, to provide 33 luxury residences complete with leisure facilities.
With €1 bn investment capacity to be deployed, Europa said it has been awaiting the outcome of the UK referendum and is now taking advantage of the post-‘Brexit’ vote adjustment. 'The market uncertainty following the UK referendum result will lead to exciting investment opportunities and underlines the importance of Europa’s asset-focused strategy of adding real value by making physical improvements to buildings,' commented Jason Oram, head of Southern Europe at Europa Capital.
Marcus Donaldson, co-founder of Richelieu Developments said: 'The building provides a rare opportunity to refurbish comprehensively a well-located building in a sought-after neighbourhood of Madrid, to provide luxury apartments with amenities that will appeal greatly to high net worth domestic and international buyers.'
Doble Digito advised on the acquisition.
