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The Owners of Sambil Outlet Enter Spain’s Luxury Residential Market

Posted by: In: Real Estate 04 Apr 2018 Comments: 0 Tags: , , , , , , , , , , ,
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4 April 2018 – Expansión

Having arrived in Spain in December 2012, the Venezuelan group Sambil, controlled by the Cohen family, has just launched its second project in the country. Whilst in the case of the first, its activity involved the purchase and subsequent transformation of the M-40 shopping centre – located in the Madrilenian town of Leganés and closed after it filed for bankruptcy – into the largest shopping outlet in Spain, it is now placing its focus on the luxury residential market.

Sambil has purchased a building located on Calle Ramón de la Cruz, in the heart of the Salamanca neighbourhood of the Spanish capital. After investing €11.5 million on that acquisition, the Venezuelan group has just launched its plans to create 14 luxury homes, with between two and four bedrooms.

“A year and a half ago, we purchased this small building, as a taster, to gain knowledge about the market. There we are going to build 14 luxury apartments, with a total investment of €24 million”, explains Alfredo Cohen, Director General of the Sambil group.

For its design, the company has engaged the architect Carlos Calero and the interior designer Ricardo de la Torre, whilst the marketing will be led by The Corner Group. “We expect the construction work to begin in May and to be completed two years later”, say sources at the company. The work will include the comprehensive renovation of the building, preserving the protected features such as the façade and the stairway. “We will undertake the construction work ourselves, given that we are builders”, said Cohen.

The homes will have a minimum surface area of 160 m2 and will span up to almost 300 m2 for the largest properties; they will cost between €1.5 million and more than €3 million for the penthouse. “There are going to be 14 super-luxury homes with common terrace areas with a jacuzzi, gym, sauna and robotic parking, amongst other services”.

A real estate giant

Founded 40 years ago by Salomon Cohen Levy and led today by his children, Sambil is one of the largest owners of shopping centres in South America. Most of its establishments are located in Venezuela, where the company is still working despite the problems in the country (…). Outside of Venezuela, the company, which has also developed hotels and other real estate complexes, has projects in Puerto Rico and on the Caribbean island of Curaçao.

In addition to the project in the Salamanca neighbourhood, Sambil is working on new opportunities in the Spanish market, both in the commercial and residential segments. “As a construction company we look at everything, but what we would most like to do is to build more Sambil centres”, said Cohen.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

The post The Owners of Sambil Outlet Enter Spain’s Luxury Residential Market appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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