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Thursday, February 22, 2024

Pinsent Masons advises on Padilla 66 acquisition

Pinsent Masons has advised the SPV managed by Admara Capital on the acquisition of Padilla 66, a residential development of 25 luxury flats from Riverdale Consulting

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Pinsent Masons’ Real Estate team has advised the SPV managed by Admara Capital, a specialist real estate investment and asset management firm, on the recent acquisition of Padilla 66, a luxury residential project, including planning permission, from Riverdale Consulting.

The SPV that has acquired the project is owned by Grupo LaFinca, which will be responsible for the marketing of the homes, together with other Mexican investors under the umbrella of Mexican developer Be Grand.

The new owners of the building will maintain the project, which includes the construction of 25 luxury homes, although they will improve the quality of the homes compared to the original project.

According to market sources, the deal involved more than €25 million euros, and includes the building permit for a project initially promoted by Riverdale Consulting, which will entail the comprehensive refurbishment of a building constructed in the 1930s, with a built surface area of 3,600 m2. While maintaining the façades, which are protected, the remodelling project will allow the number of homes to be increased to a total of 25 units, distributed in one, two, three and four-bedroom typologies, with duplex penthouses and ground floor apartments with terraces; as well as providing the building with a private underground car park with 36 parking spaces for cars and 15 for motorbikes, and storage rooms.

Padilla 66 will also have an exclusive 290 m2 private garden, with large green areas, swimming pool and gymnasium for the exclusive use of residents. And its developers assure that it will have the Breeam energy certificate.

Pinsent Masons advised with a team led by José Luis García-Manso, partner head of the firm’s Real Estate practice in Spain, and included partner Gonzalo Gil, associates Raquel Badell Fabelo and Irene Rodríguez, lawyer Pedro Esquivel de la Guardia, and trainee Álvaro Escudero.

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