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Elaia Converts its Tourist Homes into its First Luxury Apartments

The hotel Socimi has renovated a building in the centre of Madrid and has put up for sale the 23 luxury apartments for between 5,000 and 7,500 euros per square metre.

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Residential building on Calle Bailén, owned by the Socimi.

Elaia Investment, a company whose main shareholder since 2017 has been the holding company Batipart, owned by the Ruggieri family, one of the richest in France, bought a property located on Calle Bailén in Madrid in December 2015 for around €5 million. The initial idea was to rent the property out as tourist apartments through Pierre Vacances, a company specialising in this type of asset, according to El Confidencial.

However, the homes were never allocated for tourist use and Elaia even considered selling the property at one point, as it points out in its income statement for 2017. “It is estimated that the sale of this activity will be completed during 2018, since it is in progress as of 31 December 2017”. In early 2018, however, the company took a new turn in its strategy regarding the asset, “based on the deterioration of the expected outcome of the divestment.”

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