Med Capital Management has completed the acquisition and consolidation of the building at 37 Núñez de Balboa Street, in Madrid’s Salamanca district. The total planned investment, including the acquisition and refurbishment, exceeds €50 million. They will renovate the property to create 14 prime residences.
The residential property has a floor area of just over 3,900 sqm, spread across a basement, ground floor and six upper floors. Built in 1923, it features a classical façade, listed as a Site of Cultural Interest.
Currently, the ground floor of the property is occupied by leisure and hospitality businesses, whilst the upper floors comprise a total of 11 residential units and two offices. Given that ownership was originally divided among 11 different owners, the purchase involved a highly complex legal and financial transaction, according to Med Capital, which executed the entire transaction from both a legal and operational standpoint.
The process has been completed through a series of bilateral sales over the past year up until 14 April, when these were finalised, enabling the management company to acquire full ownership of the property.
The building will undergo a comprehensive refurbishment to be converted into a high-end residential development for sale as individual units. Once refurbished, it will retain the original classical façade dating from 1923 and will be transformed into a complex of 14 luxury homes ranging in size from 150 to 230 sqm and featuring three to four bedrooms, with three balconies facing the street on each floor and large terraces with private swimming pools in the penthouses. The building will feature an amenities area in the basement, including a heated swimming pool and spa, a physiotherapy and beauty treatment area, a cinema room, a gym and a co-working space. Plans are in place to create an outdoor pool area, a solarium and a bar/lounge on the roof for the exclusive use of the penthouse residents.
The acquisition was made through the investment vehicle Med Real Estate Value 2, which is currently at an advanced stage of raising new capital, alongside a group of investors including Jorge “Koke” Resurrección, a professional footballer and current captain of Atlético de Madrid; Luis Cid-Fuentes Gómez, vice-president of the Madrid Business Association and CEO of Gómez Group Metering; and Josep Gomà-Camps, shareholder and director of the paper company Goma-Camps Group.
This vehicle is also leading the recent investment in the Jardins de Nou Llevant project in Palma de Mallorca, where Med Capital plans to invest €240 million alongside Meridia Capital Partners to develop a residential complex of 540 homes on land acquired from Endesa in 2025. Bank financing for the acquisition and subsequent development has been provided by Banca March.
