Silicius Real Estate, a socimi specialising in the management of long-term properties with stable rents, has formalised the sale of two assets located in Madrid and Cadiz. The sale price of the two assets is 41.9 million euros.
These are the building located at number 123 Calle Velázquez in Madrid and the Fergus Conil Park Hotel in Cádiz, according to a press release from the Mazabi-managed real estate rental asset management company. The identity of the buyers has not been disclosed.
The first is an office building located in the heart of Madrid's Salamanca district, which was refurbished in 2018. It has a gross rentable area above ground level of 2,200 square metres and thirty parking spaces. Since then, this building has housed the headquarters of companies such as the multifamily office Mazabi.
Conil Park, on the other hand, is a four-star hotel leased to the Fergus chain with a surface area of 12,562 square metres, which is located on the beachfront of Conil de la Frontera (Cádiz), next to the town centre of the municipality. The hotel has several restaurants, gardens, swimming pool and mini-club.
Silicius is carrying out since the beginning of the year an asset rotation plan.
According to the company, Silicius has been carrying out since the beginning of the year an asset rotation and value generation plan based on the sale of properties above valuation and amortisation of debt with a higher financial cost.
With these two operations, Silicius has amortised just over 25 million euros of the company's debt (including ten million euros of alternative debt). With this sales plan carried out, Silicius' indebtedness has been reduced from 285 million euros at the end of 2022 to 210 million euros at the end of 2023.