Europa Capital has acquired a prime residential building in Madrid, known as General Martinez Campos 19, for €25 million. With €1.0 billion 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 6,500 sq. metre 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”.
Doble Digito advised on the acquisition.
For further information, please contact:
Gordon Simpson/Elizabeth King, Finsbury: + 44 20 7251 3801
About Europa Capital:
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital has collectively raised 9 real estate funds and committed to over 90 transactions totalling some €9.0 billion across 19 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management. Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
Further information can be found at www.europacapital.com