The investment fund manager Persépolis Investments has bought the building located at 27 Sagasta Street in Madrid from Colonial, with the intention of reforming the property and converting it into luxury flats. The transaction was carried out through Mahnaz, a multi-strategy private fund owned by Persepolis.
The acquired asset was part of Colonial's real estate development portfolio. In addition to this building, located in one of the most exclusive areas of Madrid's business centre, Colonial has another property on the same street at numbers 31-33, with a surface area of 7,054 square metres and two floors of underground parking with 93 spaces.
As for the acquired asset, the building has a surface area of more than 5,000 square metres, was built in 1901 and designed by the Spanish architect Eduardo de Adaro Magro.
Persépolis highlights the "palatial interiors, high ceilings and elegant courtyards" of the building located at number 27 Sagasta, which offer "great potential" for the luxury housing project to be undertaken by the investment fund.
The management company, chaired by Mitra Ghamsari, plans to begin renovation work within a year and estimates that the renovation of the building will take approximately 18 months.
