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offices Market News: Spanish Real Estate Intelligence

Grosvenor Purchases the MB One Building in Madrid for €80M

15 April 2019 - Eje Prime

Grosvenor has reached an agreement with Blackstone to acquire the MB One building, known for housing Citi’s headquarters, in La Moraleja (Madrid) for €80 million.

The US fund currently owns the property through Chameleon, a company that has put all of its assets up for sale.

MB One has a surface area of 22,129 m2, distributed over four modules and five storeys.

This represents Grosvenor’s return to the office market and accompanies its activity in the luxury residential market in Spain, where it plans to invest €200 million in projects in the neighbourhoods of Salamanca and Chamberí.

Original story: Eje Prime

Translation/Summary: Carmel Drake

 
Allianz Acquires the Castellana 200 Complex for €250M

12 April 2019 - Expansión

Allianz is going to be the new owner of the Castellana 200 office and retail complex located just a stone’s throw from Plaza Castilla in Madrid. The Socimi Silvercode, in which the Canadian pension fund manager PSP and Drago Capital both hold stakes, is going to sell the property to Allianz Real Estate for €250 million, five years after buying it from Reyal Urbis for €144 million.

The complex, which was developed by Reyal Urbis in 2009, comprises 20,295 m2 of office space, 6,415 m2 for commercial use and 844 parking spaces. It has additional buildability of 14,000 m2 for a hotel or residential project, which is currently suspended, although that space is excluded from the operation. Castellana 200 is currently managed by Drago Capital.

Original story: Expansión (by R. A.)

Translation/Summary: Carmel Drake

 
Merlin Launches an Innovative Nocturnal Business

11 April 2019 - Valencia Plaza

Merlin Properties is launching a new and innovative business. The Socimi is converting the parking lots of its office buildings into logistics centres overnight, in such a way that logistics operators will be able to use them as last mile centres for organising the delivery of packages during the day.

According to Merlin’s CEO, Ismael Clemente (pictured above), his firm has already signed agreements for this initiative with firms such as Dasher, CityLog, FM Logistic and GLS.

The firm is offering its parking lot space to logistics operators that already lease properties in its logistics warehouse portfolio. In this way, it is making available the parking lots to its logistics customers between 23h and 7h30.

This initiative forms part of a wider effort that the largest Socimi in the country is making in the logistics sector, where it plans to invest €300 million in the construction of new facilities to meet the booming demand.  Merlin is planning to branch out from the traditional logistics centres (Madrid, Barcelona) and invest in warehouses in new places such as Zaragoza, Valencia, País Vasco, Sevilla and Lisbon.

Original story: Valencia Plaza

Translation/Summary: Carmel Drake