DLA Piper advises on the €60m purchase of a building by Conren Tramway
DLA Piper has advised Conren Tramway on its landing in the Madrid real estate market with a bid for the alternative residential segment with an investment of €60 million.
The developer Conren Tramway has purchased an office building located at 5 Batalla del Salado Street in Madrid from Telefónica to convert it into a medium-stay rental apartment establishment. CT will manage this property with its own management company, Archie Living, which has a specialized team and has already been operating the largest medium-stay building in Barcelona since the beginning of 2023, with a total of 108 apartments.
The acquisition of the Batalla del Salado property has been financed through a loan granted by BBVA.
The DLA Piper team consisted of Orson Alcocer, partner in charge of real estate, Alejandro Márquez Carretero, associate in the same area, Juan Gelabert Chasco, partner in charge of financing, projects and restructuring, and Ángel Ansorena Macías, associate in the same department.
