Sotogrande, a Spanish real estate subsidiary of NH Hoteles, has completed its largest sale with the disposal of 35 commercial units at its Ribera del Marlin development, for EUR 37 mln. The properties, located in Spain's Andalusia region, have been sold to a consortium of Irish investors headed by Gavin Gallagher. The transaction price exceeds the EUR 6,700 per m2, the company said in a statement. The consortium is also renting a parking lot with 315 parking spaces on a lease contract, including a buy option after a period of five years.
Sotogrande, a Spanish real estate subsidiary of NH Hoteles, has completed its largest sale with the disposal of 35 commercial units at its Ribera del Marlin development, for EUR 37 mln. The properties, located in Spain's Andalusia region, have been sold to a consortium of Irish investors headed by Gavin Gallagher. The transaction price exceeds the EUR 6,700 per m2, the company said in a statement. The consortium is also renting a parking lot with 315 parking spaces on a lease contract, including a buy option after a period of five years.
The Ribera del Marlin development was designed by architecture firm Ramseyer & Waissman. It comprises 41 commercial units, 196 apartments and a parking lot. Construction work on the site is scheduled for completion by end-2008.
