7 January 2019 – Idealista
A year of new real estate operations in Spain has begun and one of the first has been completed by an international fund. LaSalle Investment Management has purchased the future headquarters of Repsol in Atocha, in the Méndez Álvaro area of Madrid, from Royal Metropolitan for €100 million.
The building, located at number 23 Calle General Lacy, used to house the headquarters of the real estate consultancy Aguirre Newman, but that firm vacated the property in the summer to move to BBVA’s former tower on Paseo de la Castellana, 81 after it was acquired by the British firm Savills. LaSalle is a fund manager specialising in real estate investments. It is a subsidiary of the JLL group, listed in New York and the parent company of the real estate consultancy JLL.
Dating from the end of the nineteenth century, the building was formerly a Tabacalera warehouse until 1999, when Aguirre Newman undertook the renovation of the property to open its consultancy offices there. In the past, the asset was owned by the fund Zaphir, the manager linked to Aguirre Newman, although it has changed hands several times before ending up with another manager linked to a competitor firm.
LaSalle is one of the 20 largest managers of real estate funds in the world by properties under management, with an asset portfolio worth more than €53.2 billion at the end of the third quarter 2018. With its central headquarters in Chicago, the fund is present in 17 countries. The management firm was reborn following the merger of the British company Jones Lang Wootton and the US entity LaSalle Partners in 1999, which gave rise to the JLL holding company.
Original story: Idealista
Translation: Carmel Drake