Persépolis Investment, a real estate investment manager, is moving forward with its expansion strategy by acquiring an office building at Calle Javier Ferrero 12, located in the Pradillo area. The company is looking to convert this 3,000 square metre property into an innovative living project, which includes short and medium term flats, according to El Confidencial.
The acquisition of this office building with 4 floors above ground, that will be reconverted, was advised by the consultancy firm Catella and represents a strategic move by Persépolis Invest to diversify its portfolio of assets in Madrid.
The trend of transforming office or industrial buildings into residential space has gained momentum in Madrid and Persépolis has been at the forefront of this evolution. The Pradillo area, in particular, is undergoing a remarkable reconversion with the renovation of industrial buildings into residential.
The area of El Pradillo, formerly known as an industrial enclave, now concentrates an agglomeration of creativity and business. Advertising agencies such as Comunica +A and coworking spaces such as Impact Hub have breathed new life into the area, attracted by its potential for transformation. Companies such as Cabify have established their headquarters here, while funds such as Arima are investing in the area. The renovation of Calle Javier Ferrero is a prime example, with residential projects such as the one promoted by Caledonian, which converted former industrial buildings into luxury housing. Along with these, developers such as Metrovacesa are also interested in the area.
In recent years, Persepolis has made significant acquisitions in several strategic locations in Madrid such as Chamberí (Calle Sagasta 27), Salamanca (Calle Padilla 32) and Chueca (Calle Infantas 40).
The company's expansion is not limited to Madrid; the company has shown interest in Barcelona and has invested in various assets for its residential transformation.
