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Merlin Buys Adequa Business Park From Lone Star For €380M

3 October 2016 – Real Estate Press

On Friday, Merlin Properties confirmed its purchase of the Adequa business park, located in the Las Tablas area in the north east of Madrid. The operation has been advised by Knight Frank and JLL.

The complex has belonged to Lone Star since 2015 which purchased it by foreclosing a debt with Bami amounting to €630 million.

Adequa, opened in 2007, is a complex covering more than 107,000 sqm spread across several buildings. The complex houses the headquarters of the group Técnicas Reunidas and the automobile company Renault. In addition, there is a plot of land for the development of two other buildings, including a 24-storey tower with a surface area of 29,000 sqm.

Through this acquisition, Merlin Properties has increased its presence in the area, where it already owns five office buildings, purchased in October 2014, for €130 million, which house the headquarters of Vesta, Neoris and Philips, amongst others. Similarly, Merlin acquired a plot of land measuring 16,000 sqm, where it is currently constructing an office block.

As at 30 June 2016, Merlin’s office portfolio comprised 584,969 sqm of space, worth €2,337.7 million. This portfolio has multiplied following the Socimi’s merger with Metrovacesa, approved on 15 September 2016. Thus, the new Merlin has an office portfolio that contains 84 properties with a surface area covering more than 1 million sqm and is worth €4,172 million.

In the north of Madrid, Metrovacesa owns the Las Tablas business park, which contains more than 27,000 sqm of office space and another complex, Vía Norte, covering 38,000 sqm.

Original story: Real Estate Press

Translation: Carmel Drake