Persepolis sells building in Madrid for €6.3M

Persepolis sells building in Madrid for €6.3M

The Socimi Persepolis has closed the sale of a building at number 5 Eraso street in Madrid, located in the Salamanca district, for 6.3 million euros. The building has 1,556 sqm of constructed area distributed in 22 apartments and a basement for storage and garage. The operation has been advised by Catella.

The Socimi already notified BME Growth, on March 27 2020, that a penitential deposit contract had been formalized for the sale of the property, which obliged both parties to carry out the operation in a stipulated period of time.

Since January 2020, the Socimi has made sales of more than fifteen million euros that will be used for the distribution of dividends, as well as reinvestment for new assets in the coming months.

«We have divested more than thirty million euros from our portfolio prior to the pandemic at very attractive prices», explains Mitra Ghamsari, President of Persepolis. «Most of our shareholders are interested in reinvesting and we are analyzing many opportunities in office and industrial assets in Madrid and Barcelona, where we seek to change from use to residential to generate value for our shareholders» he adds.

The Socimi bought the property in 2016, which until then was used as a residence for members of a religious congregation. Persepolis reformed the property to turn it into tourist apartments. «The rest of our assets are in the center of Madrid, Granada and Córdoba and we do not rule out potential additional divestments taking advantage of the liquidity of the market», says Ghamsari.

Among the properties sold by the company last year are three residential assets for 15 million euros. In addition, the company closed the sale of an office building located at number 12 Vizcaya street in Madrid to the German investment fund Commodus.

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