Silicius Inmuebles en Rentabilidad has invested €35million to buy four properties located on Madrid’s Calle Los Madrazo and have a total area of 7,466m2, of which 5,000m2 are for residential use and 1,635m2 are for retail use (4 smaller retail units and a larger retail space with 892m2 of GLA). The REIT, which is managed by the Mazabi multi-family office, plans to refurbish the properties before renting them.
This is the first purchase of residential assets carried out by Silicius and fits into the fund’s strategy of growing and diversifying its portfolio of assets before its IPO, a milestone that the company expects to undertake in the coming months. The fund’s main aim is to focus on securing long-term stable income for its shareholders.
For Silicius this transaction is “strategic” as the buildings are located in the neighbourhood of Las Letras y las Cortes an area which is in great demand and where properties are expected to increase in value thanks to the great cultural, historical and gastronomic interest.
SILICIUS’ property portfolio is currently comprised of 35 assets and stands at 442 million euros. The fund also contemplates growing through non-monetary contributions but plans to continue acquiring assets and has a pipeline of over 300 million euros.
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