16 March 2017 – Mis Locales
Following its acquisition of Hotel Madrid and Teatro Albéniz for refurbishment, Mazabi has launched several other renovation projects in the area.
The first involves 3 residential buildings on Calle Los Madrazo. They are all classic buildings, constructed at the beginning of the 20th century, with protected façades and typical doorways. They house 25 homes in total, plus 4 retail premises measuring 1,600 m2 and a large, exclusive tertiary-use pavilion, located in the courtyard between the buildings. The buildings are situated in a very sought-after location in the centre of Madrid.
Meanwhile, Mazabi has also invested in two assets located close to La Plaza Mayor, where it will spend €50 million on the renovation and then put the properties up for long-term rent.
According to comments made by Juan Antonio Gutiérrez (CEO at Mazabi) “At Mazabi, we are continuing with our policy of combining business with aesthetics and traditional locations”. Hotel Madrid and Teatro Albéniz are clear examples, with the latter being declared a Property of Heritage Interest by the Community of Madrid. Mazabi is ensuring its survival and is thereby avoiding the loss of one of the most iconic spaces in the area.
The consideration paid was not disclosed, however, on the basis of market rental income that will be generated by these properties once the renovation work has been completed, they could be worth between €70 million and €80 million, according to one expert in the real estate sector.
Another one of Mazabi’s project involves a building in La Plaza Mayor in Madrid. There, it is going to refurbish the homes with the goal of long-term heritage. The existing tenant, so representative of the Plaza, will continue to occupy the building’s retail premises.
Moreover, in September, the firm is expected to start the refurbishment work at another of its projects, located on Calle Santa Catalina, 4, next to the Congress of Deputies, to reposition that asset in the market.
Mazabi closed 2016 with assets under management amounting to more than €1,050 million, with a presence in 14 countries and a team of 22 professionals located in Madrid, Bilbao, Barcelona and Marbella.
Currently, Mazabi has the “aim” of investing more than €300 million during 2017, focusing on these kinds of management projects, through investment vehicles with domestic and international partners. One of its projects includes a Socimi constituted through the contribution of long-term rental assets (retail premises, out-of-town retail stores, offices and hotels in Spain). The value of the assets in its current portfolios and the pipeline of expected purchases exceeds €100 million.
Original story: Mis Locales
Translation: Carmel Drake