The Mexican developer has sealed an agreement with Admara to take over the old Telefónica building in the Atocha area, just a few metres from the Prado Museum. According to El Confidencial, the project will consist of almost sixty homes that will be offered for sale.
Specifically, the building will house 57 studio, one- or two-bedroom flats, with surface areas of between 33 square metres and 56 square metres. It will also have an indoor development, swimming pool, parking spaces and storage rooms.
Located at Calle Fúncar 3 and 5, Telefónica has had two towers there since 2003, under an agreement that the communications company had signed with Madrid City Council. For the construction of these new homes, the existing building will be demolished to make way for the flats and two ground floor premises.
Be Grand has five other investments in Spain: four in Madrid and one in Malaga.
Mexican developer Be Grand landed in the Spanish market at the beginning of 2022 with an initial investment of 100 million euros. The company has Admara as a partner in the country. Be Grand's first acquisitions in Spain were divided between Madrid and Malaga, with four purchases in the capital (Padilla 66, Puerta de Hierro, El Viso and Santa Engracia) and another in the Andalusian city (Limonar).
Be Grand was founded a decade ago by Nicolás Carrancedo. In these ten years it has delivered more than 8,000 units in Mexico and currently has another thousand units under construction. In contrast to Spain, the projects in Mexico are aimed at the high-end segment, but not prime.
Telefónica, for its part, has been immersed in a process of divesting properties over the last decade, especially those located in the centre of Madrid and in other cities such as Valencia. Most of them have been transformed into luxury and high-end housing.
