Blasson Property and Pictet will invest 100 million euros to develop 38 “Branded Residences” in the fashionable neighbourhood of Salamanca.
Together in this new alliance; Blasson Property, a real estate investment management firm and Pictet Alternative Advisors, the alternative arm of a Swiss bank have bought a plot of land in the exclusive neighbourhood of Salamanca.
When finished these ´Branded Residences´ will have private gardens and orchards, exterior pools, gyms and spas. Starting from the fifth floor all apartments will have a terrace with a pool. The plot is in the intersection between Hermosilla and Nuñez de Balboa, which is currently occupied by a building owned by Telefónica and counts with a surface area of 12,000 meters squared.
The partners have the intention of demolishing the current building owned by Telefónica and develop a new building with a total height of eight floors and two ground floors. Apart from the excellent location, the development will stand out for being one of the very few properties with the ´Branded Residence´ formula – luxury residences operated by high-end tourism operators – in Spain.
This concept has already been tested in many other countries in Europe, yet it is relatively new in Spain. The first example in Spain is el Centro Canalejas, which counts with 22 apartments operated by the Canadian hotel chain, Four Seasons. The other project with similar characteristics in Spain is in Paseo de Gracia, 111 with 34 apartments, launched by KKH property Investors and Mandarin Oriental.
The construction works for this project is expected to start this summer once all the licenses and promotions begin. Having said this, the official opening of this development is not expected until 2024.
Considering the location, quality of the services and amenities it is expected that the apartments will sell above the 15,000 euros per square meter – that is currently the highest price in the market offered by Four Seasons and will also be higher than the 14,000 euros per square meter achieved by Lagasca 99, developed by the Spanish REIT Lar España and Pimco.
This is the second project in which Blasson Property embarks, the first was the purchase of Hotel Punta Negra de Mallorca for 180 million euros last summer.
Blasson Property is founded and led by Antonio Pan de Soraluce, ex-Colliers director in Spain and Francisco J.Meliá and Enrique Benjumea – both ex-directors in OHL. Blasson counts with an experienced team with a proven track record in the real estate market and in the Residential Luxury segment. Blasson has offices in Madrid and Lisbon and works mainly with North American and Latin American investors.
On the other hand, Pictet Alternative Advisors is a division of the Pictet Group in charge of hedge fund investing in real estate investments. Currently managing a real estate portfolio worth 3,300 million dollars. In Spain, the Swiss Bank owns a building located in Paseo de la Castellana, 62 with 22 luxury apartments operated by Hyatt which is currently on sale.