The property developer Inmobiliaria del Sur (Insur) has decided to hold onto part of its large office project in Madrid Rio, in the Spanish capital. The company led by Ricardo Pumar joined forces with two Spanish family offices to develop the business complex, which spans 28,000 square meters spread over two buildings, and which has involved an investment of almost €60 million. Last year, the real estate company sold one of the two properties that comprise the project to the fund AEW Europe. Now, the Sevillian firm has repurchased 40% of the property developer IDS Manzanares, which still controls the other building in the Rio 55 development, according to sources at Insur speaking to Brainsre.news.
The Moya-Yoldi family, owners of the Persán cleaning brand, previously owned this stake. Following the repurchase, the property developer now controls 90% of the northern building, which has been leased to BNP Paribas since last year.
Translation/Summary: Carmel Drake