24 October 2018 – Expansión
Yesterday, Generali Real Estate, the real estate arm of the Italian insurance firm, announced the purchase of a property at number 4 Calle Arenal in the centre of Madrid. Dating back to the second half of the 19th century, the building is home to a Petit Palace boutique hotel.
With eight floors and a total surface area of 3,600 m2, the building includes commercial premises at street level and on the first floor, whilst the hotel offers its services on the upper floors. This is the second operation that Generali Real has undertaken in the area following its purchase of the property located at Preciados 9 early this year, which was historically occupied by El Corte Inglés. That building was chosen by Pull&Bear for its largest store in the world after Generali’s manager renovated the entire property.
In the operation, Generali has been advised by DLA and Arup, and the vendor by CBRE. Neither the name of the former owner nor the amount of the consideration paid have been revealed. In Spain, Generali Real manages a local portfolio, primarily in Madrid and Barcelona, whose value exceeds €1 billion.
Original story: Expansión
Translation: Carmel Drake