THE BUILDING, OWNED BY ALTING, IS LOCATED ON FUENCARRAL STREET NEXT TO GRAN VÍA IN MADRID AND WILL BE OPERATED BY THE EUROPEAN NUMA GROUP.
Barcelona, January 24th, 2024 - The Alting Group will transform its commercial building located at 6 Fuencarral Street into a tourist apartment complex. The property is located in the center of Madrid, next to Gran Vía, in one of the most sought-after shopping streets in Madrid.
The real estate group, chaired by Eduardo Marcos, has signed a lease agreement with the European NUMA Group, which will be in charge of operating the apartments for the next 15 years.
FUENCARRAL, 6
Fuencarral 6 is an office building built in 1992, with a linear facade of more than 25 meters and a surface area of 3,200m² distributed in a large commercial space, 5 floors and 2 floors for parking spaces.
Following the final approval by the Madrid City Council of the Special Plan for the Urban Environmental Control of Uses, Alting's technical area will convert the current office building into a tourist apartment building.
The project, whose construction will begin in the first quarter of 2024, will be carried out by the prestigious architectural firm Touza Arquitectos.
We highlight the projection of 34 studios for tourist use and a recreational area with a solarium and swimming pool on the roof and the expansion of the commercial space by connecting it with the first floor, resulting in a space of about 500m².
The Fuencarral 6 project represents an investment of more than €21M for ALTING. The acquisition was made in January 2022 for an amount of €18M and the CAPEX for its transformation is estimated at more than €3M.
In the strategic plan for the revaluation of the asset, Pedro Ojesto, Director of the Technical Area, highlights how "the Fuencarral 6 project has represented a significant transformation challenge for Alting's team of Project Managers. The works will renovate all its facilities, addressing a strategy of environmental improvement of the building where the façade is a key element. Likewise, the refurbishment of the building and its change of use will also improve energy efficiency, modernize the facilities in terms of accessibility and sustainability, as well as the design of the apartments and common areas.
The new Fuencarral 6 is scheduled for completion in the first quarter of 2025, at which time it will be operated by the NUMA Group. This will be the fourth building signed in Madrid by the European hotel group.
The commercial premises will continue to be leased to Tezenis (Calzedonia Group). And the 2 floors for parking will continue to be leased to Casino de Madrid.
Fuencarral street is one of the most demanded areas of the city. It starts at Gran Vía and goes all the way to the Chamberí neighborhood. With a large pedestrian section occupied by numerous fashion, luxury and international brands and restaurants among others. It has excellent communications by private and public transport with bus and subway stops just a few minutes away.
ABOUT NUMA GROUP
Berlin-based NUMA Group is the leading European operator of a fully digitized hospitality platform. The company offers modern travelers innovative design apartments and boutique studios. As a reliable partner for investors, owners, and developers, NUMA uses proprietary technology-based operator solutions that largely automate operational processes and increase cost efficiencies and revenues. NUMA successfully operates more than 5,850 units in European A-cities, including Berlin, Munich, Rome, Milan, Madrid, Barcelona, and Vienna.
For more information, please visit: https://numastays.com – https://partner.numastays.com
ALTING, GENERATING REAL ESTATE VALUE FOR MORE THAN 45 YEARS
The acquisition and revaluation of Fuencarral 6 is part of the Company's strategic growth plan. This project will triple the initial rents and, consequently, will significantly increase the value of the property.
With more than 45 years of experience in the national real estate market, Alting currently has several hotel, residential and tertiary projects underway in Madrid and Barcelona and is analyzing new acquisitions in the main Spanish cities.
For more information,contact comunicacion@alting.com.
