Global investment manager Invesco Real Estate and Iberia-based Niöra Real Estate, part of Levante Capital Partners, have purchased a prime residential asset in Madrid which they plan to convert into a high-end, mixed-use scheme.
Financial details were not disclosed.
The property, located in the Almagro neighbourhood on 7 Calle Genova, comprises a basement and seven floors above ground with a total area of 7,000 m2. It will be completely refurbished to the tune of more than €30 mln to provide retail at ground level and high-end residential on the upper floors.
'The business plan for Genova 7 is in line with our partner's value add strategy plan to reposition assets to create high-end residential units that will meet the requirements of the most demanding end-users. We have been working with Invesco for more than 12 months to provide them with the most selected value-add investment projects in the country,' said a Niöra spokesperson.
The refurbishment, with a target completion date of 2019, will start later this year and Niöra Real Estate will be responsible for managing the project.
The deal marks Invesco and Niöra's first major real estate transaction, but the firms said another such JV was likely to be executed before year-end.
Niöra Real Estate is an investment and asset management firm specialising in value added strategies, with a local presence in Madrid, Barcelona and Lisbon. The company is part of Levante Capital Partners, an international financial services group present in London, Frankfurt, Barcelona, Madrid and Andorra.
Invesco Real Estate currently has about $65 bn of assets under management through 21 offices around the world. This new acquisition is included in the European portfolio of more than 130 assets in 13 countries, valued at about $9 bn.
