23 April 2019 – Expansión
The businessman Pedro Trapote has put the “for sale” sign up over Teatro Barceló in Madrid. The former Pachá nightclub was an important meeting point during Madrid’s “movida” era (in the 1980s).
The asset, located at number 11 Calle Barceló, was constructed in the 1930s and comprises six storeys with a useful surface area of 3,200 m2. The asking price for the property is reported to amount to around €25 million and the Spanish consultancy firm TC Gabinete Inmobiliario is advising the sale.
It is thought that the transaction will be formulated as a sale and leaseback deal with a long-term rental contract that will allow the property to continue as a nightclub.
The property was originally a theatre and cinema, but has been a nightclub for almost forty years. Some of the building’s installations have been renovated in recent years.
Original story: Expansión (by Rebeca Arroyo)
Translation/Summary: Carmel Drake