Carlyle Puts Up For Sale Its Madrid Jewel

Cerep Gran Vía building attracts attention of investors who wheel around it like bees around a honeypot. Not without a reason, as the building of 10.000 square meters situated at number 68 of one of the most popular streets in Spanish capital is a real cherry on the real estate cake.

“It´s a unique property of 12 stories above the ground level and 5 stories below it. The underground part could be converted into an internal parking of between 75 and 85 spaces, something that is rather unusual in the area”, assures Alas Abogados, lawyer office named by Carlyle to auction the building.

In March 2012, the risk company voluntarily filed for insolvency process and the building refurbishment works were halted.

The property price will be conditioned by proposals presented by investors but, according to sources close to the operation, it may settle at between €20 million and €30 million. “At the moment, its price marks €3.000 per square meter. Compared to the values in the area it´s a bargain as normally they demand from 6.000 to 7.000 €/sqm”, the same sources explain.

Allegedly, Carlyle paid €45 million for the unit in 2005.

Original article: Expansión (by Rocío Ruiz)
Translation: AURA REE

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