The Ardid Martínez‑Bordiú family has finalized the sale of all 13 luxury flats at the Velázquez 53 development in Madrid, generating roughly €112.7 million in revenue before tax, according to the developer’s latest filing.
Deal closes after a staggered sales process
The properties were bought for €56 million in late 2022, a price that now appears modest compared with the total proceeds. Sales unfolded over three years: seven units were sold by the end of 2023, five more in 2024, and the last home changed hands in 2025. Buyer deposits rose to €24.4 million at the close of last year, up from €8.8 million a year earlier, reflecting the steady pace of transactions.
With an average price of about €10 million per home, the development’s per‑square‑metre value sits near €25,000. The 700 sqm penthouse, by that metric, could be worth roughly €17.5 million, though the final sale price was not disclosed separately.
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Each residence ranges from 350 to 390 sqm, and the complex also offers 13 storage rooms and 22 parking spaces. Amenities include a rooftop pool, jacuzzi, lounge, dining and barbecue area, gym, heated indoor pool, games room and Turkish bath, showing the high‑end positioning of the project.
Financing, costs and shareholder mix
The acquisition and redevelopment required an additional €21.5 million in capitalised costs, covering brokerage fees, non‑recoverable taxes, professional fees, construction certification and financing expenses. Even after accounting for these outlays, the total investment remained well below the €112.7 million generated by the sales.
Initial financing came from a €38.5 million loan from CaixaBank. In January 2025 the loan was increased by €23.7 million and its maturity extended to 2057, providing long‑term liquidity for the owners. A separate €13.5 million private credit facility was secured from Pino Investment to fund acquisition, refurbishment, development and marketing.
The ownership structure is split among several entities. The Ardid Martínez‑Bordiú family holds its stake through Ard‑Id Investments & Developments and Key Europe Capital, each owning 25 % of the project. Miguel Rodríguez Domínguez, founder of the Festina watch brand, controls a 24.99 % interest via Festina Lotus Inversiones. The remaining roughly 25 % belongs to the Vega‑Sanz family, owners of the real‑estate firm Fimjo, through two corporate vehicles.
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From a practical standpoint, the completed sales mean the family has turned a relatively low‑cost purchase into a substantial cash inflow, which could be redeployed into other ventures or used to settle the outstanding loan balances. For residents, the turnover may signal a stable management regime, as the developers have already recouped their outlays and can focus on maintaining the building’s premium services.
The transaction also highlights the enduring appeal of Madrid’s high‑end property market, especially in locations that combine historic prestige with modern amenities. While the Franco lineage of the sellers is often highlighted in media coverage, the financial details suggest that the deal was driven more by market trends than by any political legacy.
Overall, the Velázquez 53 project demonstrates how strategic acquisition, targeted refurbishment and a phased sales strategy can generate returns that double the original outlay, even after accounting for substantial financing costs.
