Persepolis Investments has reached an agreement to sell a portfolio of four Madrid buildings it acquired between 2015 and 2016 for €21 million euros these buildings were acquired between 2015 and 2016. Catella and Valliance have acted as advisors to the vendor.
All the properties are operated by Urban Vida Stays and located in Madrid’s Central and Salamanca districts. Three of the buildings (Calle Calatrava 18, Calle de Arganzuela 3 and Calle de Ribera de Curtidores 25) are located near the Puerta de Toledo metro station whilst the fourth asset, Calle de Eraso 5 is in the neighbourhood known as La Guindalera, near Diego de León metro station.
The Spanish REIT has informed that the agreement includes an initial payment, by the purchaser, of part of the agreed price. In fact, the purchaser has advanced €2.73 million which represents 13% of the overall lot size.
The agreement also includes sanctions for both parties if the deal does not close. If the buyer withdraws from the agreement, the initial payment will not be refunded and if, on the other hand, the seller cancels the transaction, it must compensate the buyer with double the amount already paid, according to the Spanish Civil Code.
The fund is backed by Wedgewood Investment, which has a 53.49% stake. The Illinois-based investment bank is headed by founder and CEO Rudy Trebels. Founded in 2009, it is one of the largest commercial real estate investment firms in the Midwest of the US, with a focus on the funding and development of senior living communities. Under Rudy’s leadership, the team has completed more than $1 billion in transactions serving more than 100 lenders and investors.
Mitra Ghamsari is the president of the Spanish REIT and brings a wealth of experience working in trading and hedge fund management at firms like Citigroup, Bridgewater Associates and Autonomy Capital.
Also on the board is Ramine Rouhani who was head of capital markets for the US at Natixis, Yadh Yaich who was head of non-core credit trading at UBS and former JP Morgan Managing Director Benjamin Smith .
The REIT, which has the ticker «YPER», is subject to the special regime of Listed Public Investment Companies in the Real Estate Market and regulated by Law 11/2009, of October 26. It currently trades at €1.7 per share and has a market capitalisation of €39.6million.