Iberia’s Former HQ in Barcelona is Being Converted into Luxury Apartments Costing c. €15,000/m2

4 April 2019 – El Confidencial

The fund Twin Peaks Capital is on a mission to convert Iberia’s former offices in Barcelona into 21 super luxury homes. The prices of the new properties at number 30 Paseo de Gracia are expected to go on the market for between €11,000/m2 and €15,000/m2. The penthouse might even fetch €19,000/m2, breaking all previous records in the Catalan capital and even higher than the most expensive prices in Madrid.

Twin Peaks Capital purchased the neoclassic style building from the former Agrupació Mútua in 2017 for €25 million. The property spans a surface area of almost 4,000 m2 distributed over five storeys, plus an attic, and the future homes will measure between 80 m2 and 270 m2, with first-rate finishes, plus common areas with terraces and a stunning swimming pool on the roof.

The properties will be marketed by BNP Paribas Real Estate and 25% of the development has already been sold, mostly to Catalan buyers and investors. The homes are expected to be ready during the second quarter of 2020.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Twin Peaks Acquires Top 6 Floors Of Paseo De Gracia 30 In Barcelona

14 November 2017 – Expansión

Barcelona’s luxury residential market has a new player. The Twin Peaks Capital family office, which is headquartered in Madrid but which is funded by capital from the Catalan Escoda family, has acquired the building located at number 30 Paseo de Gràcia in Barcelona. It is going to convert the property into super luxury apartments, which it expects to sell for prices of around €15,000/m2.

According to sources close to the operation – which does not include the retail premises – the fund has paid just over €25 million to the former Agrupació Mútua for the top six floors of the building, which span 3,200 m2. This property, which used to house the headquarters of Iberia in Barcelona, will undergo a comprehensive renovation, which will require the injection of an additional €25 million. The operation has been advised by CBRE.

Twin Peaks Capital was founded in Madrid in 2016 and its capital is split between the Escoda brothers and its CEO, the former director of Knight Frank, Ernesto Tarazona.

Original story: Expansión (by Marisa Anglés)

Translation: Carmel Drake