Transaction / Assets40,000 m2 residential plot, Madrid SellerDragados BuyerStoneweg € MM130
Stoneweg Buys Plot to Build Luxury Apartments for €130M
13 December 2018 – Idealista
The real estate market has broken a new record in Madrid: the Spanish-Swiss fund Stoneweg has purchased a residential plot from Dragados for €130 million, the most expensive operation in the history of the capital, according to Idealista News. The plot, located on Paseo de la Dirección, 246, spans 40,000 m2 and two luxury residential towers are going to be built on the site, which will be sold for €6,000/m2.
The project, which is going to be constructed by Dragados, comprises two towers that will have 700 homes in total, and which will go on sale for around €6,000/m2. The land will also be home to two tertiary-use towers, destined for offices, which do not have an operator yet. The operation has been advised by the firm Colliers.
According to sources consulted by Idealista News, these two towers will change the skyline of Madrid and will open the door to a change in the physiognomy of the Tetuán district. The property developer is whereby continuing to take advantage of the real estate cycle and, specifically, of the good times that the luxury residential business is experiencing, which is attracting attention from local and international buyers alike.
Over the coming weeks, Stoneweg is going to open a selection process to choose a company to take care of the sale of the 700 luxury homes. Candidates are expected to include CBRE, Savills-Aguirre Newman, BNP and Colliers (…).
Original story: Idealista (by Custodio Pareja, P. Martínez-Almeida & Ana P. Alarcos)
Translation: Carmel Drake