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Persépolis Investments Buys the Building on Sagasta 27 in Madrid From Colonial to Convert it into Luxury Apartments

The manager has paid 25 million euros for the historic property in the district of Chamberí, which spans more than 5,000 square metres and which is going to be converted into prime homes.

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Another major operation has been closed in the residential heart of the Chamberí neighbourhood in Madrid, home to the second highest house prices in the Spanish capital after the barrio of Salamanca. The real estate investment fund manager Persépolis Investments has bought the entire building located on Calle Sagasta 27 for 25 million euros and plans to refurbish it and turn it into luxury apartments.

The seller of this historic building is Inmobiliaria Colonial and the acquisition has been made through Mahnaz, one of the company’s investment vehicles. According to the Brainsre real estate big data platform, the average price in the Trafalgar neighbourhood for this kind of building is close to 6,000 euros per square metre, just below the average for the district of Chamberí as a whole (6,200€/m2).

Read the full article in Spanish.

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