Transaction / Assets Seller Buyer € MM
Herrero & Lebois Are Behind Madrid’s Latest Luxury Homes
14 June 2017 – Voz Pópuli
The owner of Kiss FM, Blas Herrero and the Mexican investor Rodrigo Lebois have completed one of the most significant real estate operations of recent times in the Spanish capital. The two businessmen have spent around €50 million on the building located at number 11, Plaza del Marqués de Salamanca, which they plan to convert into 15 luxury apartments measuring 300 m2 each.
According to sources close to the operation, the building has a surface area of 8,800 m2, with 1,000 m2 on each of its eight storeys. Until now, the property belonged to an aristocratic Asturian family and was authorised for residential and hotel use. During the sales process, the owners received nine offers: two from domestic investors and seven from overseas buyers, according to El Mundo.
The buyers plan to create three apartments per floor, and claim that they will be “the most luxurious homes in Madrid”. The building has a commercial premise on the ground floor and a rooftop, which will not be touched during the renovation work, which is due to begin soon. Until now, the homes in this building have operated under lease contracts. (…).
Blas Herrero and the real estate market
The operation again certifies Blas Herrero’s interest in the real estate market, in which he has made several significant investments in recent times. Just over three years ago, he paid €16.75 million – in a legal auction – for the Hotel Foxá 32 Suites, located next to Chamartín Station. A few months later, he reached an agreement with Barceló to manage the 158 rooms in this 5-star hotel establishment for 12 years (…).
For his latest purchase, of the building on Plaza del Marqués de Salamanca, Herrero has teamed up with the Mexican magnate Rodrigo Lebois, President of Unifin Financiera, one of the most active investment firms in Latin America, which specialises in pure leasing, factoring, automotive credit and insurance. At the time of the purchase, Lebois expressed his desire to keep one floor for his own personal use.
A third Mexican investor has also participated in the transaction, whose name has not been revealed, according to sources close to the operation.
Original story: Voz Pópuli (by Rubén Arranz)
Translation: Carmel Drake