Telefónica has sold a four-story office building in Madrid to the Spanish real estate investment and development firm Conren Tramway (CT), specifically, at number 5 Batalla del Salado street, near Atocha, as reported by CT in a statement.

Conren Tramway will convert the building into a medium-term rental apartment establishment and will manage the property, which has 8,100 square meters, with its own manager, Archie Living.

The initial operation has been structured through a ‘sale

In this sense, the acquisition of the property has been financed through a loan granted by BBVA and for this operation CT has had the support of Variant Real Estate, the advisors DLA Piper and Deloitte, the architecture firm Ortiz León and the engineering Homu Project.

“CT aims to bring the successful concept of Archie Living, which already operates the largest mid-stay apartment building in Barcelona, ​​to the capital of Spain. Archie Living has completed its first year of activity with occupancy rates close to 90%” , the company has explained.

In this sense, the real estate investment and promotion firm has indicated that the building will have around 100 homes, common areas (such as terraces, swimming pool, gym and spaces for micro mobility) and specific services for people who travel to Madrid for several months. , such as concierge, weekly cleaning and sports and social activities for tenants.

“This acquisition represents our first operation in Madrid, where we hope to close other projects in the coming months. The conversion of grade B and C offices into residential in the center and surrounding areas is a growing trend, to which CT can contribute. with our experience of innovative projects in both segments,” highlighted CT Investment Director, Pedro Hernández.

In addition to maintaining the investment strategy in the repositioning of office buildings and in the promotion of logistics developments through its recently inaugurated ‘joint venture’ with Bain Capital, CT is in the expansion phase of its Archie medium-stay apartment brand Living room.

Archie Living’s model consists of investing in assets that it then manages with its own management company and to do so it seeks to purchase residential buildings of between 5,000 and 10,000 square meters in Madrid, Barcelona, ​​Lisbon and the main Spanish capitals.