Spanish real estate investment fund manager Persépolis Investments has acquired a historic building in the centre of Madrid for €25 mln from real estate company Colonial.
The acquisition was carried out through the private, multistrategy fund Mahnaz.
The asset at 27 Sagasta was built in 1901 and designed by renowned Spanish architect Eduardo de Adaro Magro.
Persepolis plans to convert the 5,000+ m2 asset into luxury residential flats, while preserving the palatial interiors, high ceilings and elegant courtyards.
Work should start within a year as soon as the relevant licenses are obtained and the renovation will take approximately 18 months.
The property is located in the heart of the Chamberí neighbourhood, right in the centre of Madrid.
Persépolis Investments is active in the acquisition, transformation and sale of urban real estate assets (residential, hotels and tourist flats) through three investment funds (Socimi, Revolis and Mahnaz).