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Royal Metropolitan sells building in Madrid for €40M
01 April 2020 |

At a time when real estate is passing through troubled waters due to Covid-19, a beam of light flashed across the current scenario: Royal Metropolitan closed the sale of a building in the Spanish capital for more than 40 million euro.

Foto

Office Building at Fernando el Santo 20, Madrid | Project by Allende Arquitectos

The asset’s new owner is a Chilean investor whose identity was not disclosed. Newspaper El Confidencial, which advanced the news, knows, however, that this operation was advised by Swiss bank UBS on his behalf.

The building is located at number 20 Calle Fernando el Santo. It has 7 floors, 3.798 sqm dedicated to office spaces, an attic and two floors for parking. According to market sources, this asset – which is still being refurbished – should bring a 4% return.

WeWork will occupy part of the building in the future, installing a new co-working space in it. According to the same newspaper, the contract has already been sealed, but there is still a part of the building which hasn’t been marketed yet.