• Transaction / Assets
  • Seller
  • Buyer
  • € MM

The State Auctions Off 2 Buildings In Madrid For €24.3M

23 October 2015 – Cinco Días

The State Company for Real Estate Management (‘Sociedad Estatal de Gestión Inmobiliaria de Patrimonio’ or Segipsa) has sold a small palace on the Paseo de la Castellana and RTVE’s former headquarters on Paseo de la Habana for €24.3 million in total, at auction. The public company put the two assets, plus a floor on Calle Serrano, on the market for €19 million back in September.

The Palacete de Moreno Benítez, located at number 64 on the Paseo de la Castellana, is one of the few still standing on the Madrid thoroughfare, and has been awarded to Caboel for €13.5 million. This figure represents an increase of almost 92% above the asking price of just over €7 million. Caboel was created as an investment vehicle for the Caprabo group.

The property, which is currently unoccupied, has a constructed surface area of 1,341 m2 over 5 floors, according to details provided by the Ministry of Finance and Public Administrations.

Similarly, the state company has awarded RTVE’s former headquarters on Paseo de la Habana, to Martell Investments, for €10.8 million, which represents a 60% increase on the starting price of €6.7 million. RTVE’s former headquarters, located on Paseo de la Habana, 75, has a constructed surface area of 2,258 m2…and is also currently unoccupied.

The properties sold belong to the program for generating value from the State’s real estate assets.

Original story: Cinco Días

Translation: Carmel Drake