Socimi All Iron has purchased a building in Madrid for a total of 33 million euros to build a complex that will have between 90 and 120 serviced flats.
The property, located in the Salamanca district, will be the group's fourth in the city, having already paid 2.72 million euros in June for its third asset in the destination. This new acquisition demonstrates All Iron's interest in serviced flats.
With this investment, and once the asset is fully repositioned, "the total value of the company's assets in December 2021, pro forma for this investment, would be approximately €250 million".
The building has a total surface area of approximately 12,000 m2, spread over two basement floors, a ground floor, four intermediate floors and a roof terrace. Between 90 and 120 serviced flats will be built in the building to be rented out and operated on a short- and medium-stay basis. In addition, some 64 parking spaces and a rooftop pool are planned.
Over the past two years, the company has acquired projects representing an investment of more than €190 million, of which approximately €80 million in Madrid. Socimi has 20 assets, 40% of which are located in Madrid and Barcelona.