A new fund lands in Spain taking advantage of the sales in the real estate sector. But, unlike the last sale, the Crescendo fund, with headquarters in Switzerland, has decided to invest in a building located on number 85 of the luxurious Serrano street in Madrid instead of doing so in property portfolios.
The new owner will carry out an ambitious renovation in order to change the use of the building, with a surface of around 4000 square meters destined until now to offices, and convert it into a high end residential complex. It has therefore hired the consulting company Knight Frank who has declined any comments on this matter.
The Swiss fund Crescendo joins the exclusive list of property owners on Serrano street in Madrid, with price per square meter that reach 6000 Euros.
Among them, Amancio Ortega, owner of number 23 on that street and where he is now building Zara´s flagship store.
The building has been sold, as it happens in most operations closed in the last few years, by a national company. In particular, Inmobiliaria Urbana Dafor, a patrimonial company, created in 1939, devoted to the rent of offices and trade premises.
Dafor has obtained around 14,6 million Euros for Serrano 85, a bit less than the originally demanded 15 million.
Apart from this building, Dafor has other properties scattered mainly around Madrid. Among them, the office building at Campo de las Naciones, rented to BBVA and Ericsson, stands out. It also owns other properties in the Salamanca neighborhood, such as Ayala 27 and Velázquez 18. Currently, Dafor is controlled by the brother and sister Cristina and Joaquín Dauden Prat. The latter presides over the company.