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Arcano buys Agencia EFE’s old headquarters to build 50 luxury apartments
02 April 2019 | Vanessa Sousa

Agencia EFE’s old headquarters in Madrid will gain a new life. Asset manager Arcano, which bought the building this Monday for more than 40 million euro, should turn it into a 50 luxury apartment residential building.

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The purchase and sale operation of the asset was made between Arcano’s most recent real estate fund Asoref and Dutch fund Eurostone, with the support of consultants Colliers, Doble Dígito and TC Gabinete Inmobiliario, mentions newspaper El Confidencial.

The number 32 at Espronceda street in the Spanish capital, which once was the working place for Agencia EFE’s journalists, will soon become the home of dozens of families. The building currently has 8.000 sqm spread out through 6 floors. It also has 200 parking spaces. 

In order to make this investment in the housing sector, Arcano’s new fund must gather 200 million euro. A large part of this amount will be financed by CaixaBank, writes the same newspaper.