The property, valued at more than €100 million, will house luxury homes.
Inbest GPF Socimi has purchased one of the unique buildings in Madrid, Velázquez 21, owned by the Grifols family and located in the Salamanca district, becoming the third asset that the SOCIMI has purchased since its debut in July 2022.
Inbest GPF, which has already reached 175 million euros of investment with this transaction, will use this asset to create a four-storey residential building of more than 1,000 square metres and the possibility of building eight luxury homes of more than 500 square metres each, as reported in a statement.
“The unique structure of the asset and its exceptional intersection location will allow Inbest GPF to create the best commercial or restaurant premises with access from Jorge Juan street totally independent from the residential area,” the company said.
To this end, Inbest GPF, which already has the final approval of the special plan and the building permit, will undertake a comprehensive refurbishment to recover the original essence of the building, restoring the exterior and interior elements that have been lost over time. The building will also house more than 2,000 square metres of commercial or restaurant space, independent of the residential area, making it the best premises on Calle Jorge Juan.
Pérez-Llorca’s team was formed by Real Estate partner Jesús Varela and RE lawyers Rocío Blanco and Gabriela Ruiz-Gallardón, along with Tax partner José Ramón Vizcaíno and lawyer Paulino González-Fierro.
Osborne Clarke has advised sellers, Scranton Group, on the sale of the building at Calle Velazquez 21 in Madrid to Inbest Gpf. The law firm acted with a team formed by Julian Matos, Ariadna Argente and Carlos Casacuberta.
On the other hand, Ramón y Cajal Abogados advised CaixaBank on the structured financing provided, for a confidential amount, to Inbest GPF Real Estate for the acquisition of the building located at Calle Velázquez 21 in Madrid. The emblematic building will be fully refurbished to provide independent commercial premises and eight luxury residences serviced by first-class hotel operators. RyC’s team of lawyers was formed by partner Amado Gimenez Bono (pictured left) and Diego Gabarain Beristain (pictured right), Alberto París and Saúl Dávila Ávila.