After a very competitive process, M&G has outbid Greystar and Ares in the process to buy Stoneweg’s Skyline tower project for more than €125M.
Swiss-based Stoneweg bought various plots from Dragados (ACS) for €120 million in December of 2018 and shortly after, secured financing from M&G. The developer plans to break ground during the second half of the year and finalise the buildings by 2022. One of the towers will be sold to end users and the other will be kept in M&G’s portfolio as a rental property.
Designed by Touza Arquitectos, Skyline is an original residential concept which will be located only a few minutes away from Paseo de la Castellana and from Plaza de Castilla.
It is expected to be the driving force behind the urban regeneration of the whole district and become an icon formed by two 100 metre high towers that will incorporate the latest trends in design.
The building M&G has agreed to purchase will include 300 flats of one, two and three bedrooms and has total built surface of 26,390 square meters including a gym, urban garden, swimming pool, bicycle parking and space for coworking.
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