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