2 February 2017 – El Economista
In just a few days time, Lone Star will hang the For Sale sign up on one of the most attractive office asset in its Madrid portfolio. The asset in question is the Isla Chamartín business park, located in the north of the capital, opposite the studios owned by the production company Zeppelin Televisión.
The complex, which comprises four office buildings with a surface area of more than 9,000 m2 each, is located on Avenida de Manoteras 20 and, according to comments from sources in the sector, will be put on the market for more than €110 million.
The US fund generated revenues of €380 million at the end of last year from the sale of the Adequa business park, which neighbours Isla Chamartín. That is a mixed use complex, covering more than 100,000 m2, which is now owned by the Socimi Merlin and which includes land on which two more buildings are going to be constructed.
The two complexes entered Lone Star’s portfolio in 2015, when the fund foreclosed a debt package amounting to more than €600 million from Bami Newco, the real estate company owned by the late Joaquín Rivero, which filed for liquidation that same year.
The Isla Chamartín complex was finished just a few months before the real estate bubble burst – its four buildings were inaugurated between February 2007 and June 2008.
In total, the properties that comprise the park have a combined surface area of 38,134 m2, plus 930 parking spaces. Their tenants include Iberdrola Ingeniería y Construcción, BBVA Consultoría and Aernnova Engineering Solutions Iberica.
Over the last few weeks, Lone Star has been organising the sales process to select the agents that will take care of the marketing side. In the end, the fund has engaged the consultancy firms Knight Frank and CBRE, which are expected to launch the official sales process at the beginning of February.
Experts believe that this asset, located just seven minutes by car from Madrid Barajas Adolfo Suárez airport, with two Metro stops and easy access to the M-11 and A-1, will be well received by investors. (…).
Original story: El Economista (by Alba Brualla)
Translation: Carmel Drake