Airbus Sells its HQ in Madrid to Hines for €29 Million

The fund Hines Global Income Trust (Hines Global) has completed its first operation in the office sector with the purchase of Airbus’s headquarters in Madrid where the aerospace giant will continue as the tenant.

Transactions seem to be returning to the office sector in Spain on the first Monday in more than three months that the country is operating at full capacity after the State of Emergency came to an end. The fund Hines Global Income Trust, Inc. (Hines Global) owned by Hines has acquired the industrial and office complex in Madrid through a sale and leaseback transaction with the aerospace company.

The transaction, which represents Hines’s first foray into the Spanish office market, amounted to 29.2 million euros. The complex, which comprises six office and industrial buildings, has been fully leased to Airbus for six years.

Read the full article in Spanish.

Azaria Rental Debuts on the MAB with a €125M Investment Plan

25 September 2018 – Eje Prime

Azaria Rental made its debut on the stock market today with the clear intention of expanding its asset portfolio. The Socimi, specialising in the rental market and managed by Drago Capital, started trading at a price of €5.40 per share, which means that its valuation amounts to €45 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

On its first day on the MAB, the Socimi confirmed its plan to search for new investment opportunities to increase returns for its shareholders. Specifically, according to Mayte Medina, CEO of Drago Capital, the firm’s future acquisitions are expected “to amount to €125 million in total”.

Currently, Azaria Rental owns just one asset: a 100% stake in Bifur Investments, the owner of the industrial and office complex located at number 40 Calle Miguel Yuste in Madrid, which houses the headquarters of the El País newspaperThe property spans a surface area of 46,480 m2 and comprises five buildings, leased to the Prisa group until 2033 for €4.9 million per year, according to Expansión.

Azaria Rental is the 19th Socimi to debut on the MAB so far this year. The objective of the company is to create a real estate investment vehicle to generate returns of between 4% and 5%, “from rental contracts with a net triple income profile over the long-term”.

Meanwhile, Drago Capital is a real estate asset management company that operates in the Spanish market as well as in the United States of America. Founded in 2001 by a group of professionals from the sector, it has offices in Madrid, Lisbon and Miami.

Original story: Eje Prime

Translation: Carmel Drake

M&G Real Estate Purchases 3 Commercial Premises in Madrid & Granada

29 May 2018 – Eje Prime

M&G Real Estate is continuing its shopping spree in Spain. The real estate division of the British fund M&G Investment has acquired two commercial premises in Madrid and a third in Granada. Moreover, the firm has also added two industrial assets in the Spanish capital to its portfolio.

The commercial premises in Madrid are located at number 68 Gran Vía, whilst the asset acquired in Granada is located on Calle Reyes Católicos, where the Swedish fashion retailer H&M recent opened a store. In the Spanish capital, the tenants of the retail spaces are the restaurant chain Tony Roma’s and the financial entity Banco Sabadell, which will open its flagship branch in the premises soon.

Meanwhile, in the logistics sector, the real estate investment firm has purchased a logistics platform in Corredor del Henares, which is leased to Teka, and an industrial complex in Getafe. In total, those two assets span a surface area of more than 55,000 m2.

Original story: Eje Prime 

Translation: Carmel Drake

Prologis Invests €11M In A Logistics Project In Madrid

20 February 2017 – Expansión

Prologis, the world leader in real estate assets, has decided to launch two logistics projects in Spain. “Our most recent project involved a 14,000 m2 distribution warehouse, which we built for TNT in the Puerta de Madrid industrial estate in San Fernando de Henares. That was completed in 2015. Prior to that, our next most recent development was initiated at the beginning of 2008”, explains Gustavo Cardozo, Senior Vice President at Prologis Iberia.

Now, Prologis has decided to launch a 23,000 m2 industrial complex in Valencia, which it initiated at the end of 2016, and it is also starting a new 21,000 m2 development in Madrid.

The latter is a logistics building in Prologis Park San Fernando de Henares, a 90,000 m2 industrial complex that Prologis started to develop a year and a half ago, with urbanisation and infrastructure works.

Prologis will invest €11 million in the new building in Madrid, including the cost of buying the land. “The logistics market in Madrid lacks modern and efficient warehouses in the metropolitan area and we think that demand for large spaces is going to grow over the next few months”.

Prologis Spain owns 38 logistics properties covering more than 800,000 m2.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake