16 April 2019 – El Economista
Having spent the last 5 or 6 years accumulating one of the largest real estate portfolios in Spain, Blackstone is now starting to rotate some of its properties. To this end, it is looking to divest the Socimi Corona, which owns five office buildings – 3 in Madrid and 2 in Barcelona.
The US fund had previously put the 5 offices on the market as a portfolio, but has now decided to put them up for sale on an individual basis. As such, it hopes to generate revenues of €220 million, which would represent significant capital gains, since it acquired the group of assets (with the exception of the Delta Nova complex) for around €135 million from CBRE Global Investors in 2014.
Blackstone has already agreed the sale of the first property, the MB One Building in La Moraleja spanning a GLA of 22,129 m2, which Grosvenor is going to acquire for around €80 million.
Original story: El Economista (by Alba Brualla)
Translation/Summary: Carmel Drake