25/03/2014 – Expansion
After selling four shopping centers through its fund Msref (Morgan Stanley Real Estate Fund) 6 last year, the U.S. manager is bringing the sale of the premises of IBM in Madrid to an end.
The property is situated close to the Avenida de America Street, between numbers 26 and 28 of the Santa Hortensia Street and was built in 1989. In 2006, Morgan Stanley acquired the building for €240 million paid to GIC (belonging to the Government of Singapur) (…).
It is an office building of a 46.925 square meter area and almost one thousand parking spaces. Obviously, the property called attention of all investors currently scanning Spanish real estate market in search for opportunities. Among them, the Mexican businessman, the second world richest man according to the Forbes ranking: Carlos Slim. At the end of 2011, the magnate acquired 439 branches of CaixaBank for €428 million.
He has issued a non-binding offer for the building, however he will have to confront many other seriously interested investors. (…).
The property´s price reaches €130 million. Although located far away from the city´s financial heart, a lease contract and its tenant justify the price. Right now IBM has got a three-year rent agreement to be re-newed with the new owner for next 7 years.
(…) In 2013, total investment volume in Spain showed €5.2 billion, that is by 113% more than a year before. In the first quarter of 2014 solely, the amount is predicted to oscilate around €1.3 billion.
Among ongoing transactions, noteworthy is the sale of the Edificio España building by Santander for €250 million to Wang Jianlin, the richest Chinese running Dalian Wanda Group.
Original article: Expansión (Rocío Ruiz)
Translation: AURA REE