Acciona Sells a Building in Madrid to IBA Capital for €50M

21 December 2018 – Eje Prime

Acciona Inmobiliaria is continuing to divest. The company chaired by José Manuel Entrecanales has sold a building in the Spanish capital to IBA Capital for around €50 million The asset houses some of the criminal courts for the Community of Madrid.

The building, which has a surface area of 20,000 m2, is located at number 31 Calle Albarracín, in the Julián Camarillo area. With this operation, advised by JLL, the courts have a new landlord, according to reports today from Cinco Días.

This is not the first sale that Acciona has undertaken so far this year. The company has divested some of its office properties and hotels in recent months, as part of its divestment plan carried out with the aim of rotating capital to reinvest in other segments.

For its part, IBA Capital is a manager of real estate funds founded in 2013, which manages assets worth €1 billion. The company also manages the Socimi Zambal, which focuses primarily on the office and commercial sectors.

Original story: Eje Prime

Translation: Carmel Drake

UST Global Leases 3,150 m2 in Madrid’s New Techie Zone

6 April 2018 – Eje Prime

UST Global is plugging into the new techie zone in Madrid. The technology company has leased 3,150 m2 of office space in the Avalón Business Park, a closed office complex located in the Julián Camarillo area. In its new home, the US company will share the district with other technology companies such as IBM, Atos, Tecnocom and The Cube Madrid, amongst others.

The company is going to move a team of 400 employees to Avalón, half of the company’s total workforce in Spain, who are going to be spread over three floors. The technology company’s neighbours will include Konecta and Kone, amongst other companies.

UST Global, which is headquartered in California, has a presence in 25 countries and its clients include large listed companies from the banking, insurance, retail and healthcare sectors.

Original story: Eje Prime

Translation: Carmel Drake

Torre Rioja Builds Large Office In Julián Camarillo Area (Madrid)

7 February 2017 – Cinco Días

Madrid is going to have a new large building in the Julián Camarillo area of the capital, where many cutting edge companies and technology divisions of large businesses are choosing to concentrate their operations. “The neighbourhood is becoming an area similar to the 22@ district in Barcelona, full of innovative companies” said José Miguel Setién, Director of Offices at the consultancy firm JLL. (…).

The new building, on Calle Julián Camarillo (number 31) is being constructed by the property developer Torre Rioja, which is led by the businessman Ángel Soria. The property, which is currently in the initial phases of construction, will have a surface area of 36,000 m2 spread over six open-plan floors, measuring 8,000 m2 each. The property is expected to house around 3,500 employees. (…).

Now that Torre Rioja has started the initial phases of construction, the search has begun to find a company to move into the property. JLL and possibly one other agent have been engaged to this end. (…). The design may be modified slightly to suit the needs of the future tenant. (…). In any case, the property developer expects construction to be completed within two years. Moreover, the building will have a retail area, with more than 1,000 parking spaces, as well as service areas. (…).

The JLL Director believes that this property in the Julián Camarillo area will primarily be of interest to technology, engineering and communications companies, as well as to back office divisions of large companies and banks.

The Julián Camarillo industrial estate was created between the 1950s and the 1970s as a base for industrial companies. (…). But, it has gradually transformed into an area for offices and even homes. Certain divisions of firms such as IBM, Tecnocom, Atos, the German firm ABB, the engineering firm Eptisa and the University Alfonso X el Sabio have their offices there.

In recent months, Torre Rioja been overseeing renovation work at two of its major office buildings in an area adjoining the A-2 motorway. The insurance company Axa will move into a 23,600 m2 property and the bank BNP will move into an adjoining 20,000 m2 building, now owned by the real estate company, which previously housed the R&D division of Telefónica. Meanwhile, the property developer has seen its sales decrease in recent years, from €27.8 million in 2010, compared with €18.7 million in 2014 (the most recent accounts filed in the registry).

The main drawback for the property developer in this operation in attracting a high profile tenant to the area, given that the building is located relatively far away from the city centre and the industrial estate lacks the services on offer in the centre. Nevertheless, tenants pay considerably lower rents here. Whilst along Paseo de la Castellana, rents in the best buildings can be as high as €25/m2/month, they cost less than €10/m2/month on this industrial estate.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation: Carmel Drake