Deal of the Year: Historic Property Acquired by Foreign Investor
A major transaction has closed in the heart of Madrid as Mexican developer Be Grand acquires the building at Santa Catalina, 6 for €31.5 million. Located opposite the Congress of Deputies and next to another property also set for conversion into luxury housing, this site previously belonged to regional authorities and was used as an intellectual property registration office. It was bought from Metrovacesa in 2022, and by October 2024, the agency had fully relocated to its new premises.
Redevelopment Plans: Luxury Apartments in a Historic Building
Built in 1860 and designed by architect Francisco Cabezuelo y Cueto, the building rises seven stories and spans over 4,300 square meters. The new owner plans a comprehensive renovation that will preserve its architectural heritage. As a result, modern apartments of about 150 square meters with two bedrooms will be created. Sales are set to launch in early 2027. The design is led by architecture firm L35, with coordination from the Be Grand and Admara Capital joint venture. Legal matters are handled by Gómez-Acebo, while financing comes from Banco Santander.
Auction Competition and Future Projects
The starting price for the building was €21.8 million excluding VAT. Be Grand offered 19% more than the initial price, outperforming three other bidders: Pryconsa, Iberia Project Development (CBRE), and MexFund. In addition to this project, Be Grand and Admara Capital are already developing six residential complexes in different districts of Madrid, as well as one in Málaga. Regional authorities continue to put real estate up for auction: recently, part of a building on Gran Vía was offered for sale, but attracted no buyer interest.
