• Transaction / Assets
    5 office buildings, Madrid
  • Seller
    Green Oak
  • Buyer
    Barings (4) & unknown (1)
  • € MM
    74.3

Green Oak Sells a Batch of 5 Assets in Madrid for €74M

21 January 2019 – Eje Prime

Green Oak is divesting assets in Spain. The US fund manager specialising in real estate has disposed of a batch of five office buildings in Madrid, for which it has received €74.3 million in total, almost €9 million more than the appraisal value of the properties. The five assets formed part of the portfolio of Gore Spain Holdings, the Socimi owned by Green Oak, which has been listed on the Alternative Investment Market (MAB) since January 2017.

Last Thursday, Green Oak formalised the sale of 100% of the company Inversiones Pukaki, through which it controlled four office buildings in the Avalon Business Park. Barings acquired those properties for €57.8 million in total, although the valuation of the buildings amounted to €47.2 million as at December 2017.

Green Oak had owned the four buildings in Avalon, a complex located at number 65 Calle Santa Leonor, since July 2015. The buildings sold to Barings (which owns 100% of the park following the operation) have surface areas of 3,671 m2, 5,077 m2, 6,304 m2 and 6,119 m2, respectively, amounting to 21,172 m2 in total.

GreenOak purchased this batch of assets from Banco Santander for around €40 million. According to data provided by Green Oak, the valuation of the properties was revised at €47 million on 31 December 2017, on the basis of an appraisal compiled by CBRE.

The US fund manager has divested another asset, also included in the portfolio of Gore Spain Holdings. On Friday, the company signed the sale of the company Inversiones Malvinas, through which it controlled another office building, located in Alcobendas.

The company has divested the property located at number 7 Avenida Bruselas of the Madrilenian municipality for €16.5 million. The valuation of that asset amounted to €18.26 million as at 31 December 2017, based on an appraisal also performed by CBRE.

That asset has a gross leasable area of 6,361 m2 spread over six floors. The building, constructed in 2002, also has three underground floors for parking and is home to five tenants (…).

Original story: Eje Prime (by P. Riaño)

Translation: Carmel Drake

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