The bad bank puts a lot of seven office buildings in Madrid on sale.
Sareb has started the disinvestment of tertiary assets with the Crown project, with the intention of selling seven office buildings in Madrid before the end of November. As informed by the consulting company Savills, this operation has created “a great interest in the investing community, generating several offers in a short space of time.” The consulting company specifies that the acquisition proposals are not only from international funds, but also from national ones.
“The Spanish investor is looking for ways of creating a partnership with foreign companies to act later as a local partner”, Savills has declared, pointing out that this will be one of the most important operations of the year. The consulting company plans that this project could be closed at the end of November, which would mean a stimulus for the investment activity in the office market in the capital.
A second operation will join this first one, named Runner, focused on retail and made of the mall Parque Corredor, in Torrejon de Ardoz, Madrid. Sareb owns 35% of it.
According to Savills, the sector hopes that these operations will help boost the market “which step by step seem to reactivate, partly due to the growing interest of the foreign investor.” He has pointed out that one of the main problems of the market, apart from the difficult access to financing, is the shortness of available offer. However, although owners do not place their properties on sale, they are always ready to hear proposals and there are investors ready to negotiate.
Although the market continues to be controlled by national investors, that concentrate 57% of the total volume, it is still far away from the previous 75%. There are new foreign investors, from very different European and American countries, that are taking positions in Spain.