Gavari reaches an agreement for acquisition in Madrid

Gavari reaches an agreement for acquisition in Madrid

Photo Collected From Google Maps

The building is located at number 16 Calle Jaime Hermida within the barrio de Simancas (San Blas district – Canillejas) in the Spanish capital, with 1.594 sqm of built area. This building concluded in 1960 and recently refurbished, has a total of 16 apartments spread across 4 floors and 2 commercial spaces on the ground floor.

The building was acquired for 2.25 million euro, as revealed by Gavari at BME Growth, where it started being listed only 3 months ago. In the same document, the REIT noted that «150.000 euro were allocated by the REIT to the sellers when signing the contract and 2.1 million euro should be paid when the public deed is finalised», which should take place by the end of the year.

This acquisition is the REIT’s first step to reach the goal it announced in July which includes doubling its current portfolio composed by 155 dwellings spread across 6 buildings located in Malaga and Madrid. Thus, by 2024 the REIT plans to have between 300 and 500 units, the company reported in a release. According to Gavari’s plans, in 2025 a «global and individual» asset divestment process will start.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!