Gran Europa has completed the acquisition of the corporate rental building located at Calle Génova, 5. Until now, the building belonged to the real estate investment fund Catella Wohnen Europa. The property has a total area of 4,300 square metres, with 24 one- and two-bedroom flats for corporate rental, a commercial space and 29 parking spaces. Gran Europa is expected to retain the current use of the building.
The transfer of the asset was advised by Catella, representing the seller, and BNP Paribas Real Estate, representing the buyer. It is noted that the building is particularly relevant both for its original architectural design and its strategic location.
"Transactions such as Génova 5 confirm the robustness of the premium residential segment in Madrid. Assets in key locations are attracting the attention of both private equity and institutional investors, which makes us confident that the year will close positively in this regard," explains Francisco López, Director of Living at BNP Paribas Real Estate.
Gonzalo Zulueta, partner at Catella and head of residential, said: "Residential continues to be one of the most attractive segments for investment and this type of asset considered as a 'Trophy Asset', located in historic areas such as this one, is sought after as a safe haven as a secure and recurring source of stable income".
Over the course of 2023, and despite the fluctuations in rental prices due to the increase in yields demanded by investors, unique assets in Madrid have maintained their value, being less influenced by these dynamics compared to other segments of the market.
