Stoneweg To Convert Former Provincial Court Building Into Luxury Homes

25 October 2017 – Expansión

The real estate investment platform Stoneweg, led by the Spaniards Joaquín Castellví and Jaume Sabater and headquartered in Geneva, has unveiled a new project in Madrid. The firm, which brings together funds from private and institutional investors across Europe, has acquired a building on Calle Ferraz in the Spanish capital where it plans to create a residential development containing 25 luxury homes. Until recently, the property used to house several departments of Madrid’s Provincial Court.

Located in the Argüelles neighbourhood between Calle Princesa and the exclusive Paseo de Pintor Rosales, the building will contain more than twenty homes, with a surface area of between 150 m2, for the smallest flats, to 176 m2 for the penthouses, with 30 m2 of terrace space and 77 m2 of solarium with a private swimming pool.

Construction work is expected to begin in January 2018, for completion at the end of 2019.

The homes will cost between €935,000 and €2.2 million and will include one or two parking spaces each plus a storeroom. The sale of the homes will be led by the estate agency Gilmar.

This is not the only residential project that Stoneweg is currently working on in Spain. The Swiss manager has 30 developments underway at the moment, located in Madrid, Barcelona, Costa del Sol and Costa Brava.

In total, the company has invested around €450 million in various real estate projects across the country and plans to invest a further €250 million. Besides Spain, the manager also has investments in Switzerland, USA and Italy.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

GreenOak Puts Luxury Homes On C/Fuencarral Up For Sale

7 February 2017 – El Confidencial

Between €350,000 and €1 million. That is the price bracket at which the high-end homes at number 77 on Madrid’s alternative shopping street Calle Fuencarral are going on the market for. The homes are going on sale in the building that GreenOak purchased, together with ASG Iberia Advisors (previously Activum), from the General Treasury for Social Security, for €21 million in a public auction – it was the only offer that the State received for this centrally-located property, whose renovation will combine luxury residential properties with retail space.

The operation, closed at the end of 2015, was led by John Carrafiell (GreenOak), hand in hand with the German real estate fund manager (ASG Iberia Advisors), which is led in Spain by Brian Bettel, the man who used to hold the reins at Cerberus in Spain.

According to sources close to the project, the plans, which have been developed with the utmost discretion since the acquisition, comprise the construction of 40 1-, 2- and 3-bedroom homes (measuring between 50m2 and 150m2), which will be sold for between €350,000 and €1 million, i.e. around €6,000/m2. In addition, the building will continue to house a sizeable retail space, as three of its six floors will be used for that purpose. The common areas will have a swimming pool, solarium and gym, however, it will not have any parking spaces, a major drawback for a project of this standing. Construction is expected to be completed by the end of 2018.

Sources consulted say that there is a long waiting list of people wanting to acquire these units, given that there are no other luxury new homes up for sale in the area to compete with this project. In fact, one of the developments that could compete in this market is located on Calle Fernando VI (in the Lamarca Building, just 500m away), which is owned by the Venezuelan Capriles family, has been completely sold already. GreenOak and ASG Iberia have engaged the luxury real estate company Gilmar and CBRE España to market the properties. (…).

The building, which is located just a short distance from Tribunal metro stop, has been completely derelict for several years. It has a total constructed surface area of almost 8,000 m2 spread over six floors and was constructed on a plot of land measuring 1,875 m2. (…).

This is GreenOak’s first major residential project in Spain, where it has previously focused more on the logistics, office and retail sectors; meanwhile, ASG Iberia has expressed much more interest in housing, along with the retail sector. In fact, that company has separate plans to construct more than a thousand homes in Madrid.

Last year, the fund manager purchased six plots of land from Altamira in Alcalá de Henares with a buildable surface area of 50,000 m2, on which it will build up to 650 homes. (…).

Original story: El Confidencial (by E. Sanz)

Translation: Carmel Drake