18 October 2017 – Eje Prime
Another new partnership has been formed in the real estate sector. Invesco Real Estate, the global real estate investment management firm, and Niöra Real Estate, the real estate investment firm belonging to the Levante Capital Partners Group, have joined forces to purchase the property located at number 7 on Calle Génova, in Madrid. The project will involve a total investment of more than €30 million.
The real estate operation between Invesco and Nïora Real Estate marks the beginning of a collaboration between the two companies to create a series of luxury real estate projects, given that the two entities are already working together on the completion of a second operation before the end of the year.
The building, constructed at the beginning of the last century, is located in the Almagro district of Madrid, one of the wealthiest in the capital. Génova 7 comprises seven above-ground floors and one underground floor, spanning a total surface area of 6,088 m2. The property is going to be completely renovated to create retail premises on the ground floor and luxury residential units on the upper floors. The renovation, which is expected to be completed in 2019, will begin at the end of this year and Niöra Real Estate will be responsible for managing the project.
Niöra Real Estate specialises in originating real estate opportunities based on analysing the fundamentals in the market; repositioning assets, advising on the modification of features to improve their value; and optimising exit strategies and divestments.
Meanwhile, Invesco Real Estate currently has around $65,000 million in assets under management, which it handles through 21 offices around the world. This new acquisition is being incorporated into its European portfolio containing more than 130 assets in 13 countries, worth around $9,000 million.
Original story: Eje Prime
Translation: Carmel Drake