Ares has acquired a building at number 5 Romanones Street in the capital for between €20 million and €25 million, through its Socimi Iante, according to El Confidencial.
The asset, erected in 1900 and owned until now by the Andalusian family Solís Martínez Campos, totals 9,200 square meters spread over four floors. In addition, the property has a commercial premises and an underground floor. Ares will reposition the asset so that it houses 32 homes.
This operation is part of the restructuring process of the Ares business in Spain. In the middle of last June, the fund announced a renewal of the board of directors of Iante, the socimi through which it seeks to build a rental housing platform in Spain.