Homely One has finalized the purchase of the Doctor Cortezo 15 development from Impar Capital for a total of €14 million. The transaction, which took place in Madrid, includes both the redevelopment project and the planning permission already granted for a building that will comprise 32 accommodation units designed for short and medium-term stays, as well as two retail units on the ground floor.
The building comprises five floors and a basement, with its exterior architecture featuring a façade incorporating 28 traditional Madrid-style balconies. The property is situated in the centre of the capital, specifically between Plaza de Tirso de Molina and Plaza de Jacinto Benavente.
“Its prime location and secure licences make it a strategic asset for demonstrating, at scale, our vertical integration model, maximising profitability, reducing risks and building a solid, professional portfolio that is ready for institutional investors,” said Amadeo Navarro, co-founder and CEO of Homely Capital Group.
This transaction has been completed at a stage in the investment cycle where the project has already secured the main administrative and planning permissions, thereby reducing the risks associated with completion timelines for the new owner.
Carmen Panadero, managing director of Impar Capital, points out that this type of transaction demonstrates that value creation depends not only on the asset itself, but on the ability to execute rigorously at every stage of the investment cycle.
The management company currently has assets under management worth over €638 million and a track record of having developed more than 128,000 sqm. For its part, Homely One, a division of Homely Capital Group, is adding this asset to its portfolio with the aim of applying its vertical management model to entire buildings with tourism or residential potential for the institutional market.
