The value add investment management company, Redentum Partners, has acquired an office building on Calle Doctor Fleming in Madrid, next to Plaza de Cuzco, to transform it into a complex of 40 serviced flats.
The building, which has a surface area of 1,600 square metres, has begun a process of change of use to become residential and, after a complete refurbishment, will house forty studio flats, as well as communal services such as a cafeteria.
Although Redentum has not provided details on the acquisition of the property from a family group, sources in the sector value the asset at around 4,500 euros per square metre, an amount to which should be added between 1,000 euros and 1,500 euros per square metre for the cost of the refurbishment. Redentum is finalising a contract with an operator for the management of the property.
It so happens that the asset is located very close to the new campus that the Camilo José Cela University will open in a recently refurbished building at number 4 Juan Hurtado de Mendoza Street, on a corner of Paseo de la Castellana. The educational centre will have a complex of 11,319 square metres distributed over four floors and more than three thousand square metres of green areas.