Global real estate investor Pimco Prime Real Estate is allocating €40 mln to develop Nuga Castellana, a mixed-use destination in Madrid's Nueva España district.
The project will revitalize and merge several interconnected commercial, residential, and office properties: Paseo de la Castellana 200-208, Felix Boix 4-8, Doctor Fleming 39-41, and Carlos Maurras 7. Nuga Castellana is scheduled for completion in the second quarter of 2025.
Between 2019 and 2022, Pimco Prime Real Estate acquired the various properties that now comprise Nuga Castellana on behalf of its clients. It will now manage the transformation of these assets and oversee the operation of the entire mixed-use complex.
Nuga Castellana will offer a total of 66,000 m2 of space, including 21,000 m2 of office space, 271 rental apartments, 4,620 m2 of restaurant space, 6,600 m2 of retail, leisure, and wellness facilities. Additionally, office tenants will have access to 1,600 m2 of green areas and rooftop terraces.
Miguel Torres, head of Iberia at Pimco Prime Real Estate, said: ‘These top, centrally located prime properties are already a landmark in the city and, with the creation of Nuga Castellana, we will establish a differentiated space in an area increasingly in demand. We have tapped into our deep in-house expertise and external partners to create and manage a modern mixed-use destination for the center of Madrid, both for today and the long term.’
Pan-European real estate investor and developer Eurofund Group has been tasked with redeveloping the retail and food & beverage areas of Nuga Castellana. The central courtyard will be transformed into a food hall with outdoor terraces, wellness facilities, and retail shops. Notable tenants include MediaMarkt, Sony, Spaces, and CBRE. Additionally, the Michelin-starred restaurant Ugo Chan is expected to be one of the fine dining options available.
The properties that comprise Nuga Castellana have already been integrated with Pimco Prime Real Estate's smart platform which enhances energy efficiency and improves tenant well-being. These assets already meet some of the most rigorous technical and sustainability standards, including LEED Platinum and SmartScore Platinum certification at Castellana 200-208.
