1 October 2018 – Eje Prime
Zambal has increased its commitment to offices in Madrid with the purchase from Axa of the Novus Building for €94.5 million. The Socimi managed by IBA Capital closed the transaction a few days ago, to acquire an asset with a surface area of 42,945 m2 and leased in its entirety, according to explanations provided by sources close to the deal speaking to EjePrime.
The property, located in the north of the Spanish capital, hit the headlines last May when Everis signed the largest rental operation in Madrid’s office market since 2013.
At the time, the international consultancy firm leased 37,800 m2 of the building, in which Hilti, the company that supplies technology to the construction sector, also occupies one floor, whilst the ground floor of the property houses the catering company Eurest. The operation has been advised by the consultancy firm Cushman&Wakefield.
The asset is located close to Barajas airport, at number 1 Avenida Fuente de la Mora and comprises six floors, in addition to 561 parking spaces. The property has been owned by Axa Real Assets since the summer of 2015, when that firm acquired it, together with another building in Barcelona, for €110 million. At the time, the property was the headquarters of the French group in the Spanish capital.
Now, the real estate arm of the French insurance company has divested this property (…), taking advantage of the investor appetite of the large Socimis and funds in the Spanish office market. Not in vain, in March, Axa sold another asset in Madrid to GreenOak, for which the company was asking €25 million.
Zambal is on a roll
In recent months, the Socimi has grown its portfolio with operations such as the deal it signed at the end of 2017 in the Julián Camarillo area of Madrid, where it acquired two office buildings for €38 million.
Zambal specialises in the investment and subsequent management of office and retail assets in cities such as Madrid and Barcelona, although the company is also open to assets such as nursing homes, hospitals, retail parks and logistics platforms.
Without resorting to bank financing, the Socimi approved a €80 million capital increase in July, which followed another injection completed last year amounting to €91 million. The company’s main assets include, for example, the property at number 77, Avenida San Luis (which houses the headquarters of Gas Natural in Madrid); the Vodafone Building on Avenida de América; and the property at number 118 Avenida de Burgos, which is leased in its entirety to BMW.
Original story: Eje Prime (by Jabier Izquierdo)
Translation: Carmel Drake