337
337
  • Transaction / Assets
    Los Cubos office building
  • Seller
    Realia
  • Buyer
    Therus & Henderson Park
  • € MM
    52

Realia Sells ‘Los Cubos’ Office Building To Therus For €52M

23 October 2017 – Expansión

The real estate company Realia, owned by Inmobiliaria Carso and FCC, which are both controlled by the Mexican businessman Carlos Slim, has sold the office building known as Los Cubos, located in Madrid, for €52 million.

The buyer is the French real estate company Therus, which is co-investing with the British investment group Henderson Park, according to several sources.

The property, which owes its name to its unique architecture, has a leasable area of 18,324 m2 and 334 parking spaces.

The real estate company put this building, located in the vicinity of the M-30 ring road, up for sale at the end of last year, as reported by Expansión at the time. The building has been vacant since the end of 2015. Before its sale, the company considered renovating it on several occasions to improve its appeal in the market.

In the end, Realia has sold the building for €52 million, compared to the initial asking price of €57 million. The sale of Los Cubos is the latest in a long line of high profile real estate investment operations closed in Spain in recent months. The investment volume in the real estate sector during the 9 months to September amounted to €10,300 million.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake