Madridity has closed its first deal outside Madrid with the purchase of two historic buildings in Oviedo, advances EjePrime.
The properties, located in the historic centre of the Asturian capital and connected by a private garden, will be completely repositioned to house a total of eleven tourist flats. In total, the investment earmarked for the project amounts to two million euros.
"Our objective is to consolidate a diversified portfolio of properties with a presence in different areas of Madrid and in other cities that show potential for growth and profitability," say the company, which points out that "our roadmap for 2024 has always included opening up to investment in other cities in Spain".
Although the management company's focus is still on prime Madrid, where it closed its first transaction at the beginning of the year, Madridity does not rule out making further investments in Oviedo or other cities on the Cantabrian coast, where it sees great potential.
Madridity's investors include various family offices and investment agents from Latin America, especially Peru. The company already made its first acquisition in January, a property near Plaza Pedro Zerolo, in the heart of the Chueca district (Madrid) and very close to Gran Vía, to which it invested five million euros.
The company's plans are to use the asset, which has an accommodation licence, for short- and medium-stay accommodation for the upper-middle-income segment. In fact, Madridity has already signed a contract with a national operator to operate the property.
Madridity is also considering the possibility of becoming a socimi and going public, although this process will not take place immediately. The company is primarily focused on growing its asset portfolio and consolidating its business model in the Spanish market.