Icade buys offices on Calle Princesa from Brookfield for €40M

Icade buys offices on Calle Princesa from Brookfield for €40M
Icade headquarters

Brookfield has sold to Comillas Pontifical University the former office building of El Corte Inglés in Madrid's Princesa street, annexed to the four-star hotel, according to El Confidencial.

The Canadian fund had planned to build a luxury aparthotel, but in the end, the Jesuits have acquired the asset for forty million euros in order to expand their campus. The building has a surface area of 20,000 square metres and is located between the streets Alberto Aguilera and Serrano Jóver, very close to the headquarters of Icade, located at number 23 of Alberto Aguilera street.

Brookfield acquired this office building by buying the entire Princesa complex, the offices and the hotel, for 175 million euros. At the time of the purchase, the company indicated that it planned to refurbish the four-star hotel to upgrade its category, develop 57 serviced residences in the office building and lease the commercial premises.

The Princesa hotel has 35,000 square metres of floor space spread over five underground floors, the ground floor and eight upper floors, located next to one of the largest El Corte Inglés department stores. The hotel opened its doors in 1976 after being promoted by Metrovacesa and has 409 rooms, 14 suites and 1,500 square metres for meeting and event rooms.

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