PIMCO Prime Real Estate completes €40m Madrid redevelopment

Global real estate investor and manager PIMCO Prime Real Estate has opened NUGA Castellana, a €40 mln mixed-use redevelopment project in Madrid's Chamartín district. 

NUGA Castellana

This project has transformed an entire city block into a dynamic destination that combines 274 rental homes (including 60 corporate units), 21,000 m2 of flexible office space, and over 11,000 m2 for retail, wellness, and dining. Notable tenants include Sony Music, LinkedIn, H&M, and MediaMarkt, as well as various acclaimed restaurants.
NUGA Castellana, which unified 11 properties acquired between 2019 and 2022 into a 66,000 m² block, emphasises modernity, sustainability, and community. The development boasts LEED Platinum and SmartScore Platinum certifications, incorporating advanced eco-friendly features like aerothermal systems and photovoltaic panels. 
An integrated management model, including a Community Manager and a dedicated building app, will foster connectivity and complementarity among its various uses, reflecting PIMCO Prime Real Estate's commitment to sustainable urban living and long-term value creation.
Miguel Torres, head of Iberia at PIMCO Prime Real Estate, commented: “NUGA Castellana is a showcase of PIMCO Prime Real Estate’s capabilities in the strategic acquisition of assets in top locations combined with the local asset management expertise to create long-term value for our investors, users and the surrounding community. At NUGA Castellana, we have consolidated a previously unconnected city block to create a prime, mixed-use asset of 66,000 m2, while transforming a courtyard that is now open to the public and which has created a new focal point for the neighbourhood and the city.”