All Iron RE I Socimi, S.A has formalised the contract for the purchase of the property located at calle San Jacinto, 62, Seville, for an amount of €5.65 million. Its location at the entrance to the famous Triana district of Seville, makes it attractive for the tourism sector. The acquisition will be completed in the coming months.
The property has a surface area of 2,594 square metres, distributed over a ground floor, 2 additional floors and a rooftop. The property is currently vacant and is intended to be used as to house a project of 55 tourist flats (serviced apartments) to be rented and operated on a short and long-term basis once the purchase has been completed and the appropriate refurbishment works have been carried out.
This is All Iron’s second transaction in the Andalusian market in recent months. In November, the company acquired its second asset in Malaga for €11.2 million.
The team advising on the transaction was made up of Corporate/M&A partner José Ramón Berecibar, Corporate/M&A senior associate Santiago Bayo, and lawyers José Ahedo, Ander Barruetabeña and Julio David Moreno.