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Socimi Merlin Properties Pays €130 Mn For Five Office Buildings in Madrid

3/10/2014 – Expansion

Socimi (Spanish counterpart of a REIT firm) Merlin Properties has just made public an acquisition of five office buildings located in the capital of Spain. The amount, €130 million, was ‘fully disbursed from its own funds‘.

The transaction was carried out by the Socimi’s branch Merlin Oficinas. The portfolio sold by Levitt comprised ‘modern and efficient’ (in energy terms class A) properties of a total of 34.715 square meter gross lettable area (GLA).

The buildings are found in the A1 office area, ‘the business downtown of the northern Madrid’, and they house such prominent tenants as Philips (pictured), Vestas or Neoris.

In total, the Socimi possesses GLA greater than 575.000 square meters ‘generating a gross annual rate of return of more than €122 million’.


Original article: Expansión

Translation: AURA REE