30 August 2018
Axa placed the asset, located at 34 Calle Albarracín, on sale for 25 million euros last March. The transaction’s final price was not disclosed.
GreenOak is expanding its real estate portfolio in Spain. The US fund just completed its acquisition of an office complex in Madrid. The asset, located at 34 Calle Albarracín, has an area of 9,800 square meters. The price paid by GreenOak was not disclosed.
Axa initially announced its intention to sell the property for 25 million euros, last March, hoping to take advantage of the growth of the office market in Madrid. The building, which houses the headquarters of the Euromaster tire group and the CTO Group, was completely rehabilitated in 2016. Clifford Chance and Arcadis acted as advisers to GreenOak, and Savills Aguirre Newman advised the seller.
The complex has a 92% occupancy rate and both Euromaster and CTO have long-term leases. In addition to the three offices, the asset also has 194 parking spaces.
GreenOak is present in almost every sector of the Spanish real estate market. One of its principal assets is the Las Mercedes Business Park, one of the largest business parks in Madrid.
Original Story: EjePrime
Translation: Richard Turner