Ibosa Bids for the DGT’s Former HQ in Madrid to Build Luxury Flats

22 May 2019 – Idealista

The cooperative manager Ibosa is one of the parties interested in acquiring the former headquarters of the Traffic Department (DGT) in Madrid, located at number 125 Calle Arturo Soria, where 43 luxury flats are going to be built.

The Socimi Jaba I Inversiones Inmobiliarias put the building up for sale recently after acquiring it in 2014 for €19.2 million. The property is currently vacant having been previously leased to the DGT and Vodafone.

The office building has a gross leasable area of 5,526 m2 and comprises a ground floor plus 4 upper floors. It has 148 underground parking spaces and is located in one of the most sought-after neighbourhoods of Madrid. The asking price reportedly amounts to less than €25 million and the sale is expected to close next month.

If it is successful, Ibosa plans to build 43 high-end homes with 2-, 3- or 4-bedrooms. Each property will have a garage and storeroom and the sales prices will start at €554,000, with an average price per m2 of €5,900. The urbanisation, known as Residencial Capella, will have common areas such as a swimming pool and gym.

Original story: Idealista (by P. Martínez-Almeida)

Translation/Summary: Carmel Drake

Ministry Of Defence Puts Former ‘Hospital Del Aire’ Land Up For Auction

4 October 2017 – Eje Prime

The plot of land (…) is located in the Arturo Soria neighbourhood of Madrid, one of the most expensive areas of the capital (…). 

The Ministry of Defence is looking to shed weight. The government department has received authorisation from the Council of Ministers to put up for auction the land on which the former Hospital del Aire used to be located. The block is in disuse and has been vacant since 2011 when the old hospital building was demolished.

The asking price for the ownership of the land has been set at €25.1 million, for a plot spanning 28,341 m2. The former hospital has been included in the Ministry of Defence’s portfolio of buildings since 1945, when the former Ministry of Air acquired it, through a normal purchase and sale transaction.

In 2010, the Ministry of Defence managed to reach a pre-agreement with the Fundación Universidad Empresa to sell the building, but just six months later, the protocol that had been signed in that regard expired.

The express authorisation of the Council of Ministers to launch the auction was mandatory in this case, given that the sales value of the site exceeds €20 million.

Original story: Eje Prime

Translation: Carmel Drake

Axiare Seeks Tenant For Its Newly Renovated Office In Madrid

21 December 2016 – Expansión

The Socimi in which Colonial owns a stake has put the office building that it owns on c/Ramírez de Arellano up for rent. The property, which has a surface area of 10,515 m2, has been undergoing renovations for the last year.

The Socimi Axiare Patrimonio has accelerated its investments as 2016 draws to a close. The company, which has a significant cash balance after doubling in size last year, has closed acquisitions amounting to around €180 million in the last month and a half, including the purchase of the corporate headquarters of both Cuatrecasas and McKinsey. It is also negotiating the purchase of the Vocento group’s offices for another €35 million, say sources in the sector.

Besides expanding its real estate portfolio, which is worth more than €1,200 million, the Socimi is working to improve its assets and to that end, has invested tens of millions of euros over the last few months. These projects include the building on Ramírez de Arellano, 15. Axiare acquired the building last year for €16.5 million and in May 2016, the Socimi whose largest shareholder is the real estate company Colonial, engaged the consultancy firm Colliers to undertake the complete renovation of the property, which was completed just two weeks ago. “The complete renovation, which was designed and executed by Colliers International, has transformed Ramírez de Arellano, 15, into a modern and functional building, with high quality specifications that fulfil the most demanding requirements in terms of sustainability, energy efficiency and technology”, say sources at the consultancy.

After 8 months of construction work and an investment of around €3 million, the new office building has a surface area of 10,515 m2, spread over seven floors and 108 parking spaces, distributed over two underground parking floors”. There is a lot of interest for the office given its location, in the Arturo Soria neighbourhood, where the A-2 highway meets the M-30 ring-road”. The objective is to lease it in its entirety to a single company looking to locate its corporate headquarters there, according to the heads of the project.

During 2016, Axiare has signed 24 lease contracts covering a gross leasable area (GLA) of more than 100,000 m2. That figure that will soon increase by another 11,000 m2 (…).

The arrival onto the market of the office on c/Ramírez de Arellano comes at a time of shortage of office products in certain areas of Madrid, which has driven by rents in the prime area of the capital. In this way, prices in the CBD (central business district) increased by 6% YoY during the third quarter to amount to €27.5/m2/month, whilst theoretical prices in the prime areas outside of the M-30 ring-road and in secondary areas rose by 4% on average.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake