The Barcelona court overseeing the bankruptcy of Restores has authorized the sale of a property of this company in Madrid to an investment fund managed by Kennedy Wilson.
According to the US firm The price paid for the building located at number 9 from Puerta del Sol is 30 million.
In addition, Kennedy Wilson wants to invest 10 million euros to convert the building into a center luxury shopping. The final year will ask the City of Madrid the change of use of the building with six floors and 2,200 square meters, now has residential destination.
“Upon receipt of the authorization, the property will be marketed between brands senior seeking a unique location, “says Kennedy Wilson. The intention of the fund is to rent the whole building to a single brand to install a large tent.
Mary Ricks, CEO of Kennedy Wilson Europe (London branch of the Californian background) states that “the acquisition in Puerta del Sol added this renowned tourist destination, Madrid’s equivalent of Piccadilly Circus in London, to our portfolio. “
The fund has performed the operation through its partnership in Spain with Renta Corporación, why this company assumes 10% of the investment and manages the property. Last year, they bought another building in Madrid for 10 million.
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