31 March 2016 – Expansión
Banco Popular has handed over the keys to Banco de Andalucía’s former headquarters to Drago Capital and a private Spanish investor. Yesterday, the parties signed the acquisition of the property, which had been up for sale for several years, for €25 million.
With a surface area of almost 8,300 m2, the building is located in the heart of the city, next to Avenida de la Constitución and Plaza Nueva.
Drago Capital will manage the renovation of the building itself to convert it into a hotel, which will open on the upper floors. It will also create a retail space with approximately 2,000 m2 of gross leasable space on the ground floor and mezzanine level.
According to sources at the company “the operation will contribute to the on-going regeneration of the area, one of the most iconic in the Andalucían capital”.
MacPherson Consultores will handle the marketing of the retail outlets, after “observing a great deal of interest for this location from major fashion brands and restaurants”, they added.
Original story: Expansión
Translation: Carmel Drake