31 July 2015 – Idealista
The real estate company Colonial has announced the acquisition of a prime office building measuring 5,000 m2, located at number 17, Calle Génova for €36 million. The property is leased to several high profile companies and represents the third purchase made by the company in the office segment this year.
The property, located at number 17 of the Madrilenian street of Génova, has a surface area of almost 5,000 m2 and 70 parking spaces. It is currently leased to several leading companies, whose names have not been disclosed. (…).
The real estate company, in which Juan Miguel Villar Mir holds a stake, said that “the prime position of this building, thanks to its central location, is strengthened further by its recent comprehensive renovation, its “very good” BREEAM certifications and its “A Rating” Energy Certificate, which certify that all of the construction components have been reviewed, to ensure the utmost energy efficiency and sustainability”.
The transaction, which was closed during the first half of the year, was advised by BNP Paribas Real Estate and is the third made by the company in the prime office sector this year.
In fact, after spending €36 million on this building, Colonial’s total investment this year amounts to €125 million. The three buildings that it has purchased in Madrid’s business centre have a combined above-ground area of around 26,000 m2.
The appetite for prime office blocks in the capital is high due to the scarcity that exists in the market for this kind of product, which attracts high quality demand and maximum rental prices. (…).
This latest operation fits perfectly into the real estate company’s new strategy, which consists of growing in the office market in the three major cities in which it has a presence: Madrid, Barcelona and Paris.
Original story: Idealista
Translation: Carmel Drake