Argentinian-backed Fund buys Serrano 39 from GS

This week Goldman Sachs has sold an office building located on Madrid’s prime high street, Calle Serrano nº 39, five years after it purchased the asset from Bankia together with 37 other properties.

According to market sources, the property has 1,212sqm and has traded for €8 million. It was the former HQ for Investment Bank Lazard and is distributed over four floors including a semi-basement. The vendors hired Junquera Arquitectos to conduct a comprehensive refurbishment project which will allow the building to be marketed to a single tenant.

The buyers are reported to have been Inversiones Carney which is led by Antonio Santiago Perez in Spain. The company is backed by Argentinian and Spanish shareholders and last year purchased an office building in Valencia in the Alfafar neighbourhood. Their Valencian property is located near the MN4 shopping centre and is known as the As Center. It was built during the real estate boom and has remained vacant since.

The original portfolio Goldman Sachs had bought from Bankia for €355 million included 27 residential assets including 1,565 parking spaces, 584 storage rooms and 48 adjoining retail premises as well as 9 commercial properties with a combined GLA​​ of 18,000sqm, and logistics assets. The majority of these assets came from the underlying portfolio of Madrid Patrimonio Inmobiliario, the real estate fund that Ana Perez Martin managed at Gesmadrid SGIIC before the great recession.