Aquila Capital has purchased a property in the heart of Madrid on behalf of an institutional mandate.
The total investment volume is €28m. The building, which will be converted into a hotel over the next 18 months, is located in Calle de las Huertas, one of Madrid’s prime tourist locations.
This is Aquila Capital’s second purchase of a Madrid property within a year. In August of 2014, the German-based company purchased a 30-year-old, 378-room hotel on behalf of an institutional mandate.
Located next to Madrid’s Chamartín station, the hotel is set to benefit from new management and extensive refurbishment as well as from the greater importance of Chamartín station itself, which is expected to see a marked increase in train traffic over the next few years.
Sven Schoel, director Real Estate Investments at Aquila Capital, said: “The exclusive location makes our new asset an ideal addition to Madrid’s current top-tier hotel offering.”