One of the luxury residential assets owned by Terralpa in Madrid (Marqués de Salamanca 11)
This option was assigned by Single Home and Logika European Partners, after not contributing the 20 million euros required.
The property for which Terralpa is bidding is located in the Salamanca neighborhood of Madrid, next to the Hellington hotel and close to the Puerta de Alcalá and the Retiro park. They are expected to execute the purchase option next March, according to El Confidencial.
Terralpa's plans include promoting 14 homes of more than 200 sqm and with prices above 2 million euros. In addition, the fund would carry out a reform of the foundations and add more than 3,000 sqm of building space. The firm owned by Prince Christian of Hannover wants to guarantee the owners two parking spaces and for this it has reached an agreement with the Wellington Hotel, to make use of a common parking space.
In 2019, Terralpa Investments announced that, until 2022, they should invest around 250 million euro in the Spanish housing market and Madrid market was the main focus. After concluding this acquisition, Terralpa will be one step closer to their long term ambition and will have already accumulated five luxury developments in Madrid: Marqués de Salamanca 11, Monte Esquinza 5, Martínez Campos 19 and Zurbarán 26, are the previous buildings acquired. The prices of these developments per sqm range between 9,000 and 20,000 euros.