• Transaction / Assets
    Building On Paseo De Recoletos, 5
  • Seller
    Family group
  • Buyer
    MSG
  • € MM
    30+

MSG Buys Building On Paseo De Recoletos, 5 For €30M+

14 July 2017 – Expansión

The insurance company MGS has strengthened its real estate portfolio with the acquisition of an office building in Madrid.

According to sources close to the operation, the former Mutua General de Seguros has paid more than €30 million for the property, which is located at number 5 on Paseo de Recoletos, close to Plaza de Cibeles.

The building has been sold by a family group, whose identity has not been revealed. It has a surface area of 3,053 m2, spread over five open-plan floors, plus an attic with a terrace.

The property has been renovated recently and, according to MGS, combines classic architecture with the latest technological advances. Key features include its large entrance hall with high ceilings, amongst others.

Yesterday, the insurance company said that it placed value on the asset’s central location, which fits with MSG’s strategy, focused on acquiring high-quality assets in prime locations in Spain’s largest cities. At the same time, with this operation, the company, which is headquartered in Barcelona, is increasing its presence in the Spanish capital.

Portfolio

Also in Madrid, MGS is the owner of the building on Calle Alcalá 65, which houses the headquarters of the insurance company’s foundation organisation. In the Catalan capital, it owns the property at number 543 on La Diagonal, which is home to the company’s corporate headquarters.

Last year, MSG closed real estate investments amounting to €121.2 million. 53.5% of its assets are real estate properties for its own use, whilst 46.5% are buildings that it leases out.

Original story: Expansión (by J.O.)

Translation: Carmel Drake

191