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Hispania Buys Residential Complex And Office Block For €86M

30 March 2015 – Hispania Press Release

Hispania has closed two separate deals: the acquisition of an office building located on C/ Príncipe de Vergara – for €25 million – and the purchase of a residential complex containing 284 dwellings in Sanchinarro, Madrid, for €61.15 million.

Following these transactions, Hispania now has committed investments amounting to an aggregated GAV of €877 million. 

Hispania Activos Inmobiliarios, S.A., through its 100% subsidiary company Hispania Real Socimi, has closed two off-market transactions in Madrid for a total amount of €86.15 million, which have been fully financed using Hispania’s own funds.

Office building on Príncipe de Vergara, 108 (Madrid)

Hispania has acquired an office building located on C/Príncipe de Vergara, 108, where the street intersects with C/Joaquín Costa. The acquisition price amounted to €25 million (€3,718 /sqm).

The asset is located in the city centre of Madrid and enjoys excellent visibility. The building has a GLA of 7,324 sqm, distributed over 12 floors and commercial surface, as well as 68 underground parking spaces.

Residential complex in Sanchinarro (Madrid)

Hispania has also purchased a residential complex in Sanchinarro (Madrid) with a GLA of 39,000 sqm, distributed across 284 dwellings (2 and 3 bedroom properties), 311 parking spaces, 284 storage units and a retail unit, which is currently occupied by a major supermarket chain. The dwellings are in a closed complex with garden areas.

The total purchase price amounted to €61.15 million. The purchase price of the dwellings -excluding annexes and a retail unit- is equivalent to €2,050/sqm above ground. The dwellings are currently rented, with an approximate occupancy rate of 80%. Hispania’s business plan involves investing in the asset and expanding the surrounding facilities in order to convert it into a unique asset in the residential rental market in the Sanchinarro area, with the ultimate aim of optimizing its occupancy rate.

Located to the north of Madrid’s city centre, Sanchinarro is one of the most dynamic residential areas in Northern Madrid. Over the last few years, various companies have chosen to locate their corporate headquarters in Sanchinarro and its surrounding areas. This has increased the already strong demand for residential properties in the area.

These two deals prove, once again, Hispania’s ability to invest in high-quality assets through off-market deals in consolidated areas”, said Concha Osácar, Board Member of Hispania.

Hispania has committed investments amounting to €877 million during the last 12 months.

After these two transactions, Hispania has committed investments amounting to an aggregated GAV of more than €877 million. Hispania has a committed asset portfolio with an office GLA of 97,940 sqm –mainly in Madrid and Barcelona- 683 dwellings in Madrid and Barcelona and 22 hotels in Madrid, Barcelona, the Costa del Sol, the Canary and Balearic Islands and the Costa de la Luz.

Original press release: Hispania

Edited by: Carmel Drake