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19 December 2019 – Invesco Real Estate has sold the Torre Spínola to the HNA Group in a deal worth approximately 52 million euros. The global real estate investment management firm had only acquired the property at the beginning of this year from Lar España for 37 million euros, a 71% return on its initial investment.
The building, which is located in the region of Chamartín in the north of Madrid, has 12 floors and a total gross leasable area of about 8,875 square meters. Invesco’s new acquisition is at Calle Cardenal Marcelo Spínola 42. During its ownership, Lar implemented a €9-million refurbishment.
After its purchase, Invesco subsequently mandated Knight Frank to lease offices in the property. This year, firms including OPD Energy, Walmeric and Marco de Comunicación signed long-term leases.
Original Story: El Economista – Alba Brualla
Adaptation/Translation: Richard D. K. Turner