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

Bilbao-Based Kategora Acquires Office Building in Valencia for Conversion into Apart-Hotel

16 August 2019

The Basque investment firm Kategora has acquired the building that houses the headquarters of Valencia’s PSPV party from the Valencian families Nebot Oyanguren and Pascual. The new owners have given the socialist political party and other tenants one year to vacate the property, which Kategora plans on converting into an aparthotel.

The building, located at Avenida Oeste, 28, in Valencia, is an office building whose owners opted to sell a few months ago. While the building has a market value of 25 million euros, the parties declined to reveal the negotiated sales price. The socialists already had to leave their historic headquarters on Calle Blanquerías de València after having sold it to the Valencian chain Myr Hoteles for 5.8 million euros.

Kategora, which was founded in the Basque Country thirteen years ago by Kepa Apraiz, manage an €80-million portfolio of properties. Its assets include residential properties, tourist apartments and student residences.

Original Story: Levante-EMV – Ramón Ferrando

Photo: E. Ripoll

Adaptation/Translation: Richard D. K. Turner