PIMCO Prime Real Estate inaugurates NUGA Castellana, a revitalized mixed-use project in Madrid

PIMCO Prime Real Estate, a leading real estate investment and asset manager, has officially inaugurated NUGA Castellana, a landmark €40 million redevelopment project in Madrid’s Chamartín district. The transformation has revitalized an entire city block into a vibrant mixed-use destination, reinforcing Madrid’s position as a hub for innovation and urban renewal.

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 sqm, while transforming a courtyard that is now open to the public and which has created a new focal point for the neighborhood and the city.”

The redevelopment of NUGA Castellana combines modernity, sustainability and vision, and is a reflection of the urban transformation that Madrid – one of Europe’s most dynamic capitals – is undergoing. The asset stands as a symbol of a more connected, sustainable city that is focused on the well-being of its people.

The name ‘NUGA’ refers to a pioneering nucleus into which users and visitors are invited to discover the value within. The unified asset brings together 11 properties that were acquired incrementally between 2019 and 2022 into a 66,000 m² city block, creating a vibrant mix of housing, offices, retail, leisure, and dining spaces.

NUGA Castellana features 274 rental homes including 60 units tailored for medium-term corporate stays, alongside 21,000 sqm of flexible office space with coworking areas and private terraces. More than 11,000 sqm is dedicated to retail, wellness, and gastronomy, hosting an impressive lineup of tenants including Sony Music, LinkedIn, CBRE, and The Trade Desk; acclaimed restaurants including UGO Chan, L’Entrecote de Paris, and Monster Sushi; leading retailers such as H&M and MediaMarkt; and Fitness Park anchoring the wellness offering.

The newly unified NUGA Castellana also facilitates a change in the management model. From now on, there will be integrated management of all uses to promote their connectedness and complementarity, including the creation of a Community Manager who, through a building app, will create, promote and report on activities and content of interest to building users.

PIMCO Prime Real Estate has a long track record of enhancing such assets. Recent examples include Equilis in Paris, Corso Italia 23 and Corso di Porta Nuova 19 in Milan, and Stonecutter Court in London.

Sustainability has been central to the redevelopment of NUGA Castellana, with advanced features such as aerothermal systems, photovoltaic panels, and high-performance thermal insulation to minimize environmental impact. NUGA Castellana proudly holds LEED Platinum and SmartScore Platinum certifications and integrates PIMCO Prime Real Estate’s proprietary smart building program, ensuring optimized energy efficiency and promoting tenant wellbeing throughout the property.

For more information, visit www.nugacastellana.com