ARGIS acquires a 200-home building in Madrid’s Retiro district

The real estate investment and asset management company is to refurbish an 11,800 square metre building to convert it into a serviced apartment complex.

Property manager ARGIS is reaffirming its commitment to the “flex-living” concept by acquiring an 11,800 square metre building on Calle Cavanilles in Madrid’s Retiro district. The plan includes a thorough refurbishment of the building to convert it into a 200-room residential complex with access to shared services such as a gym, restaurant, multi-purpose spaces and parking spaces.

This new asset adds to ARGIS’ portfolio under development and operation, which already has 2,500 flats for sale and rent, with a target of 5,000 units in total. The company seeks to consolidate its position in the high-end segment of the serviced rental flat market.

ARGIS has developed real estate projects for more than 200,000 square metres, covering various types of developments for sale, rental and the tourism sector. With investments of 240 million euros last year alone, the company has strengthened its position in the Spanish real estate market.

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