Investment firm Ardian has entered the Spanish residential market by acquiring a Madrid office asset from Patrizia, which it plans to convert into luxury apartments.
Ardian has invested an unspecified sum to buy the 3,000sqm property located at Calle Zurbarán 28 in Madrid’s Almagro district with a plan to convert the office space into a residential building consisting of 10 apartments and 40 parking spaces.
Ardian said the transaction – which represents its first deal in the residential sector in Spain – is in line with the firm’s strategy to expand its investment portfolio and diversify across real estate asset classes in Europe, particularly in Spain.
Source: realassets.ipe.com on the 19th of August