Eurostone, a Luxembourg based real estate company, has acquired a Madrid building on Calle Espronceda Street from BBVA. The cost of the deal was not disclosed, however, it’s believed that BBVA originally purchased the building in 2007 for €51.25m from la Sociedad Estatal de Participaciones Industriales. The investment offers a surface area covering 8,000 sqm spread across seven floors and 200 parking spots. The property was occupied by the agency EFE for 35 years until 2013. Eurostone plans to convert the building into a luxury residential scheme comprising homes and duplex apartments with up to four bedrooms, terraces, gardens and a swimming pool. The buyer was advised by Gabinete Inmobiliario and J. Pueche, while CBRE advised the seller.
