Saint Croix Acquires Office Building In Madrid For €3M

9 February 2017 – La Vanguardia

The Socimi Saint Croix Holding Inmobilier has purchased an office building in Madrid for €3 million, according to a statement filed today by the company with Spain’s National Securities and Exchange Commission (CNMV).

The property, located on Calle Francisco Hervás, 13, close to Paseo de la Castellana, has a surface area of 1,827 m2 and 11 parking spaces.

The Socimi has explained that it intends to remodel the whole building and then lease it out.

Saint Croix Holding Inmobilier owns other offices buildings in Madrid, such as the one on Calle José Abascal, 41, which is currently occupied by the Ministry of the Environment, the public company Tragsa and Kuwait Petroleum, – and which it acquired for €19 million on 2 December 2016.

Original story: La Vanguardia

Translation: Carmel Drake

Pryconsa Buys Jose Abascal, 41 From The Alba Family

29 November 2016 – Real Estate Press

The Martínez de Irujo y Fitz-James Stuart siblings have just sold the property located at number 41 on Calle José Abascal, which they owned jointly (en proindiviso).

Pryconsa has managed to acquire the building for around €20 million, however the property developer declined to comment on the operation.

Most of the property is leased to the Ministry of Agriculture and Fisheries, specifically to the following departments: the economic-administrative, internal audit and market regulation teams, as well as the Autonomous Body for Natural Parks.

In addition, the first floor of the building houses the offices of Kuwait Petroleum España, the subsidiary of the Middle East hydrocarbons giant, which decided to move its headquarters to the heart of the Chamberí neighbourhood last year.

Experts in the market speculate that this building will be converted into luxury homes, given its prime location, just three blocks away from Paseo de la Castellana, on the intersection of Calles José Abascal and Modesto Lafuente. It is the perfect site for the development of luxury homes, which are in great demand and for which opportunities are in short supply. Moreover, the conversation of the property into luxury homes will be a more profitable option than maintaining the current office space.

Original story: Real Estate Press

Translation: Carmel Drake