La Caixa sells its real estate jewel in Madrid: the building Serrano 60.

La Caixa, through its real estate subsidiary Servihabitat, has sold the building of CaixaBank located on number 60, Serrano Street in Madrid to the British fund Meyer Bergma, specialized in the management of real estate investments. The economic amount of the operation has not been provided. According to the information published by Expansión when the building was put on sale, the starting price would be 60 million Euros.

The building, located in the Golden Mile of Madrid, in the Salamanca district, has a total built up surface of 8105 square meters – divided into ground floor and seven floors, as well as four other floors below the surface with 70 parking spaces.

One of the main attraction points of the building is the trade premises of 2500 square meters, at street level. Only around 4% of the trade premises in the area have surfaces over 1000 square meters. Currently, Serrano 60 is unoccupied except for the ground floor where La Caixa has an office.

The plans of the British fund Meyer Bergman will mean the reconfiguration and renovation of the ground floor in order to use it as trade premises, in view of the lack of such spaces in one of the areas in Madrid with a highest concentration of luxury and fashion brands. “This operation shows the growing interest of international investors in the Spanish real estate sector and mainly in quality assets”, La Caixa declares in a statement.

Meyer Bergman is a private firm for the management of real estate investments with headquarters in London, United Kingdom. The company focuses its investment strategy in real estate assets with a high potential of revaluation in the main markets in Europe, through a wide network and managed actively in order to generate attractive profits.

The current investment priorities of Meyer Bergman are focused on the acquisition of well placed assets in the United Kingdom, Germany, France, the Nordic countries, Poland and the Czech Republic. The value of a common transaction ranges between  30 and 300 million Euros.

Source: El Mundo