The company Mandapa Investments has closed the purchase of the O'Donnell 5 residential building for 25 million euros. The family of the former president of the Royal Spanish Golf Federation, Emma Villacieros, has sold the asset at a record price of 8,400 euros per square meter, according to El Confidencial.
The operation has been off market and several brokers were negotiating with multiple investors. Venezuelan, Mexican, Colombian or Peruvian investors studied the purchase, but ruled it out due to its high price.
The six-storey building has an area of 2,983 sqm. Located in front of the Retiro Park and 600 meters away from the Puerta de Alcalá, sources in the sector calculate that around seven or eight million will be needed for its remodeling into luxury apartments. These figures elevate the final sale price to around 15,000 euros per square meter in order to extract capital gains from the operation. This means that each apartment will be sold between 4.2 and 7.8 million euros.