16 April 2019 – El Confidencial
GreenOak has engaged the real estate consultancy firm CBRE to coordinate the sale of Las Mercedes Business Park, one of the main office complexes in Madrid.
The aim of the fund, led in Spain by Javier Zarrabeitia, is to receive offers for the asset between May and June, with a view to closing the sale before the summer. The US fund has set an asking price of more than €200 million, which would represent a capital gain of 40% in just 3 years after it purchased the property for €140 million in 2016 from Standard Life.
Since acquiring the asset, GreenOak has worked on repositioning it, increasing its occupancy rate from 65% to 90% and negotiating rent increases.
The complex comprises nine office buildings, spanning a surface area of 80,000 m2 and is located in the northeast of Madrid, alongside the A-2 motorway. It is home to the offices of companies such as Altran, Applus, the Spanish Medicines Agency, Enaire and Carrefour.
Original story: El Confidencial (by Ruth Ugalde)
Translation/Summary: Carmel Drake