Merlin Properties has strengthening its presence in Azca, Madrid’s financial district. The SOCIMI has acquired from El Corte Inglés the Serantes Building, a small asset but adjacent to the property that the group already has at number 11 Pablo Ruiz Picasso Street.
Merlin has paid, accordin to market sources arouns €11 million for this asset, which it will refurbish as it is doing with number 11 Pablo Ruiz Picasso. In addition to these two properties, Merlin has Castellana 83-85 and Castellana 93 in the Azca district. In short, the purchase of the Serantes Building gives it a greater critical mass in the area. Merlin is one of the main promoters of the refurbishment of Azca, an area that is now somewhat run-down and which it aspires to turn into Madrid’s major financial district. Along with the SOCIMI headed by Ismael Clemente, other large groups working to improve the area are Pontegadea, Mutua Madrileña and GMP. Something that, on the other hand, was not part of El Corte Inglés’ plans.
Ramón y Cajal advised Merlin Properties with a team led by Real Estate partner Miguel Ferre Puy, together with Jaime Gutiérrez Parra y Marta Santos García-Sintas.
Miguel Ferre was one of the Real Estate lawyers selected on “Top Real Estate Legal Dealmakers in Spain”, published by Legal Dealmaker in March 2022.
Pinsent Masons advised El Corte Inglés with a team formed by partner José Luis García-Manso, associate Raquel Badell and lawyer Pedro Esquivel de la Guardia.
