22 May 2018 – Eje Prime
Arcano is thinning down its real estate portfolio. The group, through its real estate fund Arcano Spanish Opportunity Real Estate Fund, has completed the sale of a 7-storey office building located on Calle Ríos Rosas in Madrid. The buyer, a Luxembourg-based investment fund has whereby arrived in the Spanish market with its first operation in the country.
The building, located at number 24 Calle Ríos Rosas in Madrid is situated just 700m away from Paseo de la Castellana and next to the building that WPP, the British multinational publicity and public relations firm, acquired in 2015. This operation has been brokered by CBRE.
Arcano acquired the building just two years ago from a private owner through its real estate fund Arcano Spanish Opportunity Real Estate Fund with the aim of converting it into offices for its corporate headquarters. The company renovated the property in 2017.
Original story: Eje Prime
Translation: Carmel Drake