Spanish real estate manager Silicius Real Estate has sold an office building in Madrid and a hotel in Cádiz for a combined €41.9 mln.
The sale price surpasses the properties' gross asset value, generating profits for shareholders.
The exclusive Velázquez 123 office building is located in Madrid's prime Salamanca district. Following renovation in 2018, it offers a 2,200 m2 gross leasable area above ground and 30 parking spaces. Since then, this property has housed the headquarters of companies such as the Mazabi multi-family office, among others.
In turn, Conil Park is a four-star hotel rented to the Fergus chain with an area of 12,562 m2, which is located on the beachfront of Conil de la Frontera (Cádiz), next to the urban center. The hotel has several restaurants, gardens, a swimming pool, and a mini club.
These transactions are part of a strategic plan, implemented since the start of 2023, to optimize the portfolio by divesting non-core assets and reducing debt, thus increasing stability and enhancing shareholder value.
With these two operations, Silicius has amortized just over €25 mln of the company's debt (including €10 mln of alternative debt). With this sales plan carried out, debt has been reduced from €285 mln at the end of 2022 to €210 mln at the end of 2023.
Silicius Real Estate is a Madrid-based Socimi specialised in the management of long-term properties with stable income.
