Domo Activos divests and sells Cavanilles 58 for €17M to GRC

Domo Activos divests and sells Cavanilles 58 for €17M to GRC

GRC had already made an offer in mid-July, but it wasn’t until this Tuesday that Domo Activos announced in a release made available at the BME Growth that the transaction had been concluded last week.

The process of legal and technical due diligence will now begin and it will take approximately 6 weeks after the required documents are delivered. This process will also assess «the project’s building capabilities and the confirmation of the remaining buildable area, estimated at 450 sqm».

Office building Cavanilles 58 is Metro de Madrid’s current corporate headquarters. It has 4.631 sqm above ground and 729 sqm below the ground and it will be delivered with an additional extension of 2.929 sqm above the ground. The refurbishment and adjustment of this extension will be carried out by housing cooperative "El Anden del Retiro". In total, the building will have an 8.289 sqm buildable area and 79 parking spots.

Domo Activos had well-defined plans for this building, which it acquired last July for 14.1 million euro. On its webpage, the company revealed its refurbishment plan for the asset, which included transforming it into a mixed-use building, featuring offices, commercial spaces, parking and housing (216 dwellings). GRC should carry out the project and it will «provide Domo Gestora de Vivendas a preferential right to carry out the building’s refurbishment works».

Global Realty Capital Spain is a Spanish company dedicated to real estate investment, it is a subsidiary and fully owned by Rocket Internet, a company listed at the German Stock Exchange with a market capitalisation of more than 3.000 million euro.

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