Tag: Google Campus

Telefónica Sells A Building In Madrid To Princeton For €25M

16 January 2016 – El Economista

Telefónica has sold a building with a surface area of 9,700 m2 located in the Argüelles neighbourhood of Madrid to the British real estate group Princeton Investments for around €25 million.

According to the British group, the operation, which was announced by Princeton Investments, represents a decisive step in its expansion strategy in Spain.

The real estate company highlighted that the building is in an “excellent location” for the development of luxury housing.

According to sources in the real estate sector, the price paid for the property amounts to around €25 million.

The building, a unique asset located on Calle Irún, next to Parque del Oeste, has a garden and a roof top pool with views over the Royal Palace and the Templo de Debod.

In addition, it has 350 parking spaces, a gym and common recreation rooms.

According to Princeton, the operation consolidates its investment position in Spain, a market in which it has already made several purchases.

In 2015, the British group acquired a building with a surface area of 10,600 m2 on La Cuesta de Santo Domingo, close to Gran Vía, also from Telefónica, for its subsequent rental.

In March 2016, Princeton bought a building with a surface area of 4,000 m2 next to the Google Campus in Madrid from Gas Natural to open a co-working centre.

That property, which is being renovated, has been leased to Regus and will be inaugurated in Q2 2017.

In parallel, the British group plans to launch a student hall of residence project in Valencia in a building that has a surface area of 10,160 m2.

Princeton is keen to replicate this model in other major university cities across Spain, including in Madrid and Barcelona.

Original story: El Economista

Translation: Carmel Drake

Princeton Acquires c/Mazarredo 7, Next To Google Campus

9 March 2016 – Noticias CBRE

The British family office Princeton has closed the acquisition of the building on Calle Mazarredo 7, in Madrid, in a deal advised by CBRE, the world leading real estate consultancy and services company. The property, situated in a strategic location next to the headquarters of the Google Campus, has a surface area of 4,000 m2 spread across 5 floors.

It is a unique, listed building next to the Manzanares River, located in the new technological area of Madrid that has become fashionable thanks to the arrival of the Google Campus. The building will be leased to companies who want to be located in the area of influence around the technology giant’s headquarters.

Princeton is the investment vehicle of the Lee family, the former owners of the company Imry Property Holdings, which was listed on the London Stock Exchange for more than 25 years. Since the sale of the company, the Lee family has undertaken significant investments in Europe, the UK and the USA, often in partnership with major institutional investors. In April 2015, it acquired a building measuring 10,600 m2 on Calle Fomento, 2, in the Plaza de Santo Domingo, close to Gran Vía, which shows this investor’s commitment to the Spanish market. Following that operation, its purchase of the building on Calle Mazarredo, 7, next to the Google Campus in Madrid, constitutes Princeton’s second acquisition in Spain.

In this way, we are beginning to see the impact of the Google Campus on the area. The headquarters of the technology firm opened its doors last June in the Madrilenian district of Arganzuela, with the aim of becoming a meeting point for entrepreneurs and creatives, and in response to the growing demand in the city for shared work spaces. According to Paloma Relinque, the National Director for Capital Market Foreign Investments at CBRE, “the arrival of the Google Campus is generating an environment of entrepreneurship and a technological meeting point that is impacting the whole area. Demand is very high and it is unlikely that the Campus will be sufficiently large to satisfy it, which means there will be entrepreneurs looking for co-working spaces in the surrounding area”.

Original story: Noticias CBRE

Translation: Carmel Drake