Invesco to Convert Newly Acquired Office Building in Madrid to Flats

18 December 2019 – The US firm Invesco Real Estate has reached an agreement, together with the Spanish real estate company Grupo Barba, to acquire the former headquarters of the Madrid Traffic Headquarters, a building located Calle Arturo Soria 125 in the capital. The two firms are buying the asset from its previous owner, the socimi Jaba I Inversiones Inmobiliarias.

The new owners plan to convert the property into an apartment building. The property has approximately 5,700 square meters of surface area on five above-ground floors.

Original Story: Expansión – Rebeca Arroyo

Adaptation/Translation: Richard D. K. Turner

Ibosa Bids for the DGT’s Former HQ in Madrid to Build Luxury Flats

22 May 2019 – Idealista

The cooperative manager Ibosa is one of the parties interested in acquiring the former headquarters of the Traffic Department (DGT) in Madrid, located at number 125 Calle Arturo Soria, where 43 luxury flats are going to be built.

The Socimi Jaba I Inversiones Inmobiliarias put the building up for sale recently after acquiring it in 2014 for €19.2 million. The property is currently vacant having been previously leased to the DGT and Vodafone.

The office building has a gross leasable area of 5,526 m2 and comprises a ground floor plus 4 upper floors. It has 148 underground parking spaces and is located in one of the most sought-after neighbourhoods of Madrid. The asking price reportedly amounts to less than €25 million and the sale is expected to close next month.

If it is successful, Ibosa plans to build 43 high-end homes with 2-, 3- or 4-bedrooms. Each property will have a garage and storeroom and the sales prices will start at €554,000, with an average price per m2 of €5,900. The urbanisation, known as Residencial Capella, will have common areas such as a swimming pool and gym.

Original story: Idealista (by P. Martínez-Almeida)

Translation/Summary: Carmel Drake