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Transaction / Assets Seller Buyer € MM
Mazabi Spends €32 Mn on a Housing Estate in the Center of Madrid
12/09/2014 – El Confidencial
Mazabi Gestión Patrimonios has acquired a residential estate (pictured) including 103 apartments and 106 parking spaces in the Spanish capital‘s center.
This multi-family office aims at marketing the property as a whole or flat by flat. The Rios Rosa neighborhood where the complex stands is very attractive and Mazabi also wants to take advantage of the appeal for renting purposes.
The complex consists of 3 residential buildings spreading over the total area of 7.117 square meters, divided among 1- and 2- bedroom units, retails and more than one hundred parking spaces.
With the deal, Mazabi has invested €70 million in real estate year-to-date. Convinced that the resi market of the capital is awaking, the company sealed the transaction together with national and Latin American partners.
Although its business plan mainly focuses on retails and offices, from time to time Mazabi buys property in the residential or the holiday sector.
In order to insure better targeting of the real estate operations, the multi-family office created an investment club open to foreign equity willing to grow in Spain.
Original article: El Confidencial (by R. Ugalde)
Translation: AURA REE