5 December 2018 – Eje Prime
GreenOak is continuing to be very active in the office market in Madrid. The US fund has purchased a building in the centre of the Spanish capital at number 123 Calle Claudio Coello in the Salamanca neighbourhood. The news was revealed at the same time as the company is finalising the sale to Barings of its office portfolio on the Avalon business park.
The property on Claudio Coello has a surface area of more than 4,000 m2 and is distributed over seven floors, as well as two underground floors for parking. GreenOak’s intention is to subject the asset to a comprehensive renovation once it has taken ownership, according to PropertyEU.
Similarly, the US fund plans to include this building in the portfolio of a new Socimi that it has created in Spain and which will debut on the stock market soon. The co-founder of GreenOak, John Carrafield, said that “Madrid continues to offer exceptional opportunities for investment in offices”, given that the city is maintaining rental prices that are still “well below the peaks of the past”, even though it is “immersed in a period of strong economic growth”.
Since 2013, GreenOak has raised €1.5 billion for investments in Spain, where it has purchased twenty buildings (17 in Madrid and three in Barcelona), with a combined office surface area of 150,000 m2.
Original story: Eje Prime
Translation: Carmel Drake