Europa Capital has acquired a prime residential building in Madrid, known as General Martinez Campos 19, for €25m. With €1.0bn investment capacity to be deployed, Europa has been awaiting the outcome of the UK referendum and is now taking advantage of the post ‘Brexit’ adjustment.
The 6,500m² 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. The acquisition confirms Europa’s commitment to investing in improving urban centres in Europe’s major cities, Madrid being the third largest within the European Union.
Jason Oram, Head of Southern Europe at Europa Capital said: "This investment builds on Europa’s strong experience in the Spanish prime residential sector, which to date has been focused on Barcelona. 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".
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”.