Catella advises Spanish REIT Persépolis on sale of €6.3M touristic apartment building

Spanish REIT, Persepolis Investments 1 Socimi, S.A., led by Mitra Ghamsari, continues to carry out its divestment strategy and has completed the sale of a 22-apartment touristic building for €6.3M located on nº5 of Madrid’s Eraso street in the Salamanca neighbourhood. Catella has advised the operation.

Since January 2020, the SOCIMI has sold assets worth over fifteen million euros, generating capital for dividends and new acquisitions planned in coming months.

The building has 1,556 sqm of constructed area distributed in 22 apartments and a basement for storage and garage. The Spanish REIT had bought the property in 2016, which was previously used as a residence for members of a religious congregation. Thus, Persepolis refurbished the property to convert it into tourist apartments. «The rest of our assets are in the centre of Madrid, Granada and Córdoba and we do not rule out potential additional divestments taking advantage of the liquidity of the market,» says Ghamsari.

The Spanish REIT already notified BME Growth, known previously as Madrid’s Alternative Stock Market (MAB), on March 27, 2020, that a contract had been formalized for the sale of the property, which required both parties to carry out the deal within a stipulated time period.

Mitra Ghamsari, President of Persepolis, states they «have divested more than thirty million euros from [Persepolis’] portfolio before the pandemic at very attractive price. Most of [Persepolis’] shareholders are interested in reinvesting». The investment vehicle analyses opportunities in office and industrial assets in Madrid and Barcelona, seeking conversions to residential use to generate value for shareholders.