Argis has acquired the Talent Tower, an office building situated at Avenida de Burgos 18, in Madrid, fromAliseda for €31.5 million. The transaction, previously agreed via a private contract, has been formalised in a public deed and marks the definitive transfer of the asset, which will be converted for residential use.
The property has 6,517 sqm of above-ground floor space and 234 parking spaces. The transaction reflects investor interest in urban assets with potential for repositioning, particularly in established and well-connected locations.
Aliseda will remain involved in the project as the entity responsible for project monitoring and will therefore oversee the technical progress of the conversion following the sale of the building.
“Talent Tower is a fine example of our ability to identify value in complex assets, structure attractive deals for investors and continue to provide technical expertise once the transaction is complete. In this case, we are not simply closing a sale: we are supporting the start of a new phase for the asset,” says Luis Nuño, Director of Commercial Property at Aliseda.
The building is situated on one of the main access routes to the north of Madrid, close to the M-30 motorway and within the catchment area of Madrid Nuevo Norte. This conversion is one of several projects involving the conversion of commercial properties into residential developments, against a backdrop of a housing shortage and high demand for homes in the capital.
