Tag: Ministry of Foreign Affairs

Zambal Extends the Ministry of Foreign Affairs’ Rental in the Torres Ágora until 2023

26 February 2019 – Eje Prime

Zambal has renewed its contract with the Ministry of Foreign Affairs and has consolidated one of its main assets. The Socimi, managed by IBA Capital Partners, has signed a new rental contract with the public body for the Ágora Towers, the facilities that house most of the personnel assigned to the Ministry of Foreign Affairs, European Union and Cooperation.

The new rental contract will last for four years, of which the first two are mandatory, according to reports made by the real estate company to the Alternative Investment Market (MAB).

The Ministry of Foreign Affairs has been the tenant of the Ágora Towers, located at number 26 Calle Serrano Galvache in Madrid, since 22 October 2012 (…). Zambal has been the owner of the complex, which comprises two 15-storey twin buildings with three basement floors, since December 2013. The towers have a gross leasable area of 30,469 m2 and 469 parking spaces (…).

Original story: Eje Prime (by Roger Arnau)

Translation: Carmel Drake

Madrid’s Offices Record Highest Occupancy Rates For 10 Years

29 November 2017 – Eje Prime

Offices are getting increasingly busier. In Madrid, the real estate sector is recording pre-crisis figures, with an occupancy (take-up) rate during the first nine months of the year of 359,000 m2, the highest volume for a decade.

This indicator is also encouraging the leasing of workspaces. According to a report from the consultancy firm Knight Frank, the Madrilenian office market is aspiring to close 2017 with half a million square metres of space leased, in large part, thanks to the 3.1% growth rate of Spain’s Gross Domestic Product (GDP). This data consolidates the Spanish capital as a point of reference for the sector across the country and makes it one of the fastest growing markets in Europe.

The volume of investment in this segment of the tertiary sector as at September 2017 was €928 million, with British and US investors increasing their activity by the most this year. That fact has caused the domestic quota to decrease from 80% to 65% in just twelve months.

The availability of office space in Madrid has decreased by 11.6% during the same period; the expectation is that over the next two years, the pipeline of stock will increase by 325,000 m2. Of that future space, 26% is already leased, most notably, the 36,000 m2 of space that the British company WPP acquired on Calle Ríos Rosas, where the former headquarters of Telefónica was located, and the 48,000 m2 of space that the Ministry of Foreign Affairs is going to make use of at number 8 Plaza del Marqués de Salamanca.

In terms of the economics, the high demand in this market in the Spanish capital is resulting in an increase in prime rents in the city, with an upward trend that saw rental prices reach €29.50/m2 during the third quarter.

Original story: Eje Prime

Translation: Carmel Drake

IBA Capital Buys Vodafone’s HQ In Madrid

5 October 2015 – Cinco Días

The real estate fund manager IBA Capital Partners has purchased Vodafone España’s headquarters in Madrid through its Socimi Iberia Nora, on behalf of Zambal Socimi SA. It has also agreed a long-term rental contract with the telecommunications company.

In a statement on Saturday, IBA Capital said that this operation represents an important addition to the group’s portfolio of real estate assets, valued at €650 million.

Vodafone España’s headquarters are located in a business park comprising five buildings, with a total surface area of 50,000 m2 and 1,500 parking spaces.

IBA Capital Partners, Investment and Asset Manager, which is itself headquartered in Madrid, said that it had been one of the first groups to back the recovery of the real estate sector in Spain in 2013.

The group’s portfolio of assets includes the headquarters of several organisations and corporates including: the Ministry of Foreign Affairs, Unión Editorial, Día, Enagás and BMW in Madrid, as well as the ABC Serrano shopping centre, also located in the Spanish capital.

The managing partners of IBA, Jesús Valderrama and Thierry Julienne, highlighted that their objective is to “continue investing through Zambal, in high quality assets in Madrid and Barcelona and in other high added value assets in Spain’s other major cities”.

Original story: Cinco Días

Translation: Carmel Drake