24/11/2014 – Expansion
Local government of Catalonia (also known as Generalitat) has sold a modernist building called Casa Burés, standing in Barcelona, for €18.8 million to fund Europa Capital Partner allied up with Trinder Promociones. The buyers are planning to convert the little palace into a block of apartments.
The property, listed since 1979, was acquired by the City Hall of Barcelona in 2007 for €26 million in an attempt to protect it from being converted into a hotel and save for the city. In 2009, the building located in the intersection of the Girona and the Ausiàs March streets fell into hands of Generalitat with the estimated value of €26 million.
A need of liquidity pushed the Catalan authorities to put the edifice up for sale in 2013 but ever since no investor offered the asking amount. First and second tenders were unattended in spite of a 20% cut in the price.
Original article: Expansión (by Marisa Anglés)
Translation: AURA REE
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Source: AURA Real Estate Experts