Transaction / Assets Seller Buyer € MM
Pryconsa Buys Jose Abascal, 41 From The Alba Family
29 November 2016 – Real Estate Press
The Martínez de Irujo y Fitz-James Stuart siblings have just sold the property located at number 41 on Calle José Abascal, which they owned jointly (en proindiviso).
Pryconsa has managed to acquire the building for around €20 million, however the property developer declined to comment on the operation.
Most of the property is leased to the Ministry of Agriculture and Fisheries, specifically to the following departments: the economic-administrative, internal audit and market regulation teams, as well as the Autonomous Body for Natural Parks.
In addition, the first floor of the building houses the offices of Kuwait Petroleum España, the subsidiary of the Middle East hydrocarbons giant, which decided to move its headquarters to the heart of the Chamberí neighbourhood last year.
Experts in the market speculate that this building will be converted into luxury homes, given its prime location, just three blocks away from Paseo de la Castellana, on the intersection of Calles José Abascal and Modesto Lafuente. It is the perfect site for the development of luxury homes, which are in great demand and for which opportunities are in short supply. Moreover, the conversation of the property into luxury homes will be a more profitable option than maintaining the current office space.
Original story: Real Estate Press
Translation: Carmel Drake