14 December 2018 – Eje Prime
Stoneweg is buying land in Madrid. The Spanish-Swiss investment fund is finalising the purchase of a plot located in the Spanish capital from Dragados for €120 million. The operation, which is expected to close within the next few days, will represent a record in Madrid in terms of the volume of finalist land sold.
The plot spans a total buildable surface area of 45,000 m2 and is located on Paseo de la Dirección, in the Madrilenian district of Tetuán. Stoneweg plans to build two residential-use towers on the site comprising 25-storeys each. The price for the land could amount to around €5,000/m2, according to reports from Expansión.
CBRE has participated in the operation, as advisor to the buyer, whilst Colliers International Spain has advised the vendor. The residential development in Madrid will be added to eight other projects that Stoneweg has underway in Spain, four in Barcelona and another four on the Costa Brava.
The investment platform was created in 2015 by the former private banking real estate team at Edmond de Rothschild and by the founding partners of CBRE in Switzerland. Currently, the fund is chaired by Claude Messulam and its management team includes Jaume Sabater as the CEO and Joaquín Castellví, as the Director of Investment and Acquisitions.
Original story: Eje Prime
Translation: Carmel Drake