16 January 2016 – El Economista
Telefónica has sold a building with a surface area of 9,700 m2 located in the Argüelles neighbourhood of Madrid to the British real estate group Princeton Investments for around €25 million.
According to the British group, the operation, which was announced by Princeton Investments, represents a decisive step in its expansion strategy in Spain.
The real estate company highlighted that the building is in an “excellent location” for the development of luxury housing.
According to sources in the real estate sector, the price paid for the property amounts to around €25 million.
The building, a unique asset located on Calle Irún, next to Parque del Oeste, has a garden and a roof top pool with views over the Royal Palace and the Templo de Debod.
In addition, it has 350 parking spaces, a gym and common recreation rooms.
According to Princeton, the operation consolidates its investment position in Spain, a market in which it has already made several purchases.
In 2015, the British group acquired a building with a surface area of 10,600 m2 on La Cuesta de Santo Domingo, close to Gran Vía, also from Telefónica, for its subsequent rental.
In March 2016, Princeton bought a building with a surface area of 4,000 m2 next to the Google Campus in Madrid from Gas Natural to open a co-working centre.
That property, which is being renovated, has been leased to Regus and will be inaugurated in Q2 2017.
In parallel, the British group plans to launch a student hall of residence project in Valencia in a building that has a surface area of 10,160 m2.
Princeton is keen to replicate this model in other major university cities across Spain, including in Madrid and Barcelona.
Original story: El Economista
Translation: Carmel Drake