Skip to main content
  • Both transactions, signed at an amount above the gross asset value (GAV), are part of the asset rotation plan and value generation for shareholders

Madrid, December 28,  2023. SILICIUS Real Estate, a SOCIMI specializing in the management of long-term and stable rental properties, has formalized the sale of two assets: the Velázquez 123 office building (Madrid) and the Fergus Conil Park hotel (Cádiz). Both transactions have been signed for a total amount of 41.9 million euros, with a slight premium over the last gross asset value (GAV) of each property.

Velázquez, 123 is an exclusive office building, located in the Salamanca district of Madrid, which was renovated in 2018. It has a gross leasable area above ground of 2,200 m2 and 30 parking spaces. Since then, this property has housed the headquarters of companies such as the multi-family office Mazabi, among others.

In turn, Conil Park is a four-star hotel leased to the FERGUS chain with an area of 12,562 m2, located on the beachfront of Conil de la Frontera (Cádiz), next to the urban center of the municipality. The hotel has several restaurants, gardens, a pool, and a mini club.

Since the beginning of the year, SILICIUS has been carrying out an asset rotation and shareholder value generation plan, based on selling properties above valuation and amortizing higher-cost financial debt. With these two transactions, SILICIUS has proceeded to amortize more than 25 million euros of the company’s debt (including 10 million euros of alternative debt). With this sales plan, the debt of SILICIUS has been reduced from 285 million euros at the end of 2022 to approximately 210 million euros at the end of 2023.