Barcelona, January 24th, 2024 - The Alting Group will transform its commercial building located at 6 Fuencarral Street into a tourist apartment complex. The property is located in the center of Madrid, next to Gran Vía, in one of the most sought-after shopping streets in Madrid.
The real estate group chaired by Eduardo Marcos, has signed a lease agreement with NUMA Group, which will oversee operations of the property for the next 10 years.
Fuencarral 6 is an office building built in 1992, with a linear facade of more than 25 metres and a surface area of 3,200m², divided into a large commercial area, 5 floors and 2 floors of parking.
Following the final approval by the Madrid City Council of the Special Plan for the Urban Environmental Control of Uses, Alting's technical area will convert the current office building into a tourist apartment building.
The project is being carried out by the prestigious architecture firm Touza Arquitectos, and construction will begin in the first quarter of 2024. It will include 34 tourist studios and a leisure area with a solarium and rooftop swimming pool.
The Fuencarral 6 project represents an investment of more than €21M for ALTING. The acquisition was made in January 2022 for an amount of €18M and the CAPEX for its transformation is estimated at more than €3M.
In the strategic plan for the revaluation of the asset, Pedro Ojesto, Director of the Technical Area, highlights how "the Fuencarral 6 project has represented a significant transformation challenge for Alting's team of Project Managers. The works will renovate all facilities, addressing a strategy of environmental improvement of the building, of which the facade is a key element. Likewise, the refurbishment of the building and its change of use will also improve energy efficiency, modernize the facilities in terms of accessibility and sustainability, as well as the design of the apartments and common areas."
The new Fuencarral 6 is scheduled for completion in the first quarter of 2025, at which time it will be operated by the NUMA Group. This will be the fourth signed property in Madrid by the European hotel group.
The commercial premises will continue to be leased to Tezenis (Calzedonia Group). And the 2 floors for parking will continue to be leased to Casino de Madrid.
Fuencarral Street is one of the most sought-after districts in the city, starting at the Gran Vía and continuing on all the way to the Chamberí neighborhood. With a large pedestrian area occupied by numerous fashion, luxury and international brands and restaurants, among others attractions. With bus and metro stops just a few minutes away, it has excellent private and public transport connections.
About NUMA Group
Berlin-based NUMA Group is the leading European operator of a fully digitized hospitality platform. The company offers modern travelers innovative design apartments and boutique studios. As a reliable partner for investors, owners and developers, NUMA uses proprietary technology-based operator solutions that largely automate operational processes and increase cost efficiencies and revenues. NUMA successfully operates more than 5,850 units in European A-cities, including Berlin, Munich, Rome, Milan, Madrid, Barcelona and Vienna.
ALTING, generating Real Estate value for more than 45 years
The acquisition and revaluation of Fuencarral 6 is part of the Company's strategic growth plan. This project will triple the initial rents and, consequently, will significantly increase the value of the property. With more than 45 years of experience in the national real estate market, Alting currently has several hotel, residential and tertiary projects underway in Madrid and Barcelona and is analyzing new acquisitions in the main Spanish cities.
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