Patrizia Acquires an Office Building in Madrid for €45 Million

The German fund manager has acquired a 15,000-square-metre office building in the Arganzuela district of the capital for €45 million.

The German fund manager Patrizia has acquired an office building located on Calle Fray Luis de León, 11 in Madrid, in the Arganzuela district, for 45 million euros. In this way, the investment firm has reactivated the office market in the capital with one of the first purchases in Madrid post-Covid, as reported by the company to Brainsre.news.

The property has a surface area of 15,000 square metres and 176 parking spaces. In addition, the asset is leased for the most part to the company Vodafone, which has a long-term rental contract.

Read the full article in Spanish.

Pelayo Buys an Office Building in Madrid

The insurer has acquired the Altamar office building, spanning 5,219 square metres, which is located in the Madrilenian town of Alcobendas.

The Pelayo insurance group has acquired the Altamar office building, which is located in the Arroyo de la Vega business park, in the Madrilenian town of Alcobendas. The insurer has underlined that, with this operation, “Pelayo is continuing to roll out its investment policy in real estate assets seeking to maximise its profitability and optimise the returns on its property portfolio”, which “has become very important”.

The building purchased has an above-ground surface area of 6,047 square metres, of which 5,219 square metres are offices, consisting of a ground floor plus 3 upper floors. It also has indoor and outdoor parking (two semi-basements). For years, the property housed the headquarters of TNT Express, which rented it in its entirety from the German fund MEAG.

Cuatrecasas Completes the Sale of its Headquarters in Lisbon to Zurich

The law firm had already announced the sale of its headquarters in Lisbon to the insurer Zurich, which it has been finalising since December. Cuatrecasas will continue to occupy the building as the tenant.

The law firm had already announced the sale of its headquarters in Lisbon to the insurer Zurich, which it has been finalising since December. Cuatrecasas will continue to occupy the building as the tenant.

It just so happens that the owner of the office is not the law firm itself, but rather the company Emesa Corporación Empresarial, which is owned by the lawyer Emilio Cuatrecasas and some of his partners. The amount of the transaction has not been disclosed.

Blackstone Buys La Llave de Oro’s Project in 22@ for €100M

17 January 2020 – Idealista

Blackstone has agreed to purchase an office building that La Llave de Oro is currently constructing in Barcelona’s 22@ district, in a deal that is expected to be closed for €100 million. The property is located on Calle Sancho de Ávila and will have a gross leasable area of 17,400 m2, on a plot spanning 3,300 m2.

The purchase of office buildings off-plan is becoming a bit of a habit in the Catalan capital’s 22@ technological district after the German bank Commerzbank paid €132 million in December for two offices that Conren Tramway is constructing there.

Original story: Idealista 

Translation/Summary: Carmel Drake

Bonavista Developments to Invest €40M in the Construction of a 11,500 m2 Office Building in Barcelona’s 22@ District

13 January 2020 – El Periódico

Bonavista Developments, through Mitsubishi Estate London and Europa Capital, has completed the purchase of a plot of land in the heart of the 22@ district of Barcelona, on Calle Cristóbal de Moura, for an undisclosed sum.

The two companies are planning to invest €40 million in the construction of a new office building on the site. The new offices are expected to span a surface area of 11,500 m2 and construction is scheduled to begin later this year.

Original story: El Periódico (by Max Jiménez Botías)

Translation/Summary: Carmel Drake

Blackstone Finalises the Purchase of Torre Tarragona from UBS

5 June 2019 – Cinco Días

The US fund Blackstone is negotiating the purchase of Torre Tarragona in Barcelona from UBS, according to several sources in the sector. The deal looks set to become the third major operation in the city’s office market this year after Naturgy sold its headquarters to Colonial and Telefónica sold its Diagonal 00 property to Emperador.

UBS Global Asset Management acquired Torre Tarragona in 2015 for €72 million from Omega Capital, the family office owed by Alicia Koplowitz. Now, having invested €10 million in a comprehensive renovation, the Swiss bank is hoping to sell the property for between €100 million and €110 million.

Torre Tarragona is located close to the Sants train station in the Catalan capital and spans a surface area of 18,150m2 spread over 19 floors. It has 250 parking spaces and its main tenant is Pepsico, together with other companies, such as the technological firm Acens (a subsidiary of Telefónica), Quercus and the laboratory Gentic.

Original story: Cinco Días (by Alfonso Simón Ruiz)

Translation/Summary: Carmel Drake

Grosvenor Purchases the MB One Building in Madrid for €80M

15 April 2019 – Eje Prime

Grosvenor has reached an agreement with Blackstone to acquire the MB One building, known for housing Citi’s headquarters, in La Moraleja (Madrid) for €80 million.

The US fund currently owns the property through Chameleon, a company that has put all of its assets up for sale.

MB One has a surface area of 22,129 m2, distributed over four modules and five storeys.

This represents Grosvenor’s return to the office market and accompanies its activity in the luxury residential market in Spain, where it plans to invest €200 million in projects in the neighbourhoods of Salamanca and Chamberí.

Original story: Eje Prime

Translation/Summary: Carmel Drake

The Lawyers’ Mutual Society Buys Paseo de la Habana, 3 for €23.4M

3 April 2019 – El Confidencial

Grupo Millenium has sold an office building on Paseo de la Habana, 3, in Madrid to the Mutualidad de la Abogacía (Lawyers’ Mutual Society) for €23.4 million. In fact, the deal was signed in April 2018, but has only just come to light after the Mutualidad published its annual accounts for last year.

The building has been completely renovated and is leased in its entirety to Gunni & Trentino, the Spanish company specialising in high-end interior decoration, which houses its headquarters there. The property is located in a prime area, just 100m from Paseo de la Castellana and Nuevos Ministerios, and comprises 3,000 m2 distributed over five storeys.

Original story: El Confidencial (by E. Sanz)

Translation/Summary: Carmel Drake

Saint Croix Buys an Office Building in Madrid for €24M

31 January 2019 – Diario Vasco

The Socimi Saint Croix Holding has acquired an office building located on Calle Juan Ignacio Luca de Tena 17 in Madrid for €23.95 million.

The price of the building, which also includes 166 parking spaces, has been paid in part with two commercial premises owned by the company whose value amounts to €3.5 million, according to the Spanish National Securities Market Commission (CNMV).

Specifically, the commercial premises are located on Calle Caleruega 66, 68 and 70 as well as on Calle Rutilo 21, 23 and 25, both in Madrid.

In addition, the company has paid €20,385,500 in cash to complete the purchase price.

During 2019, the Socimi is planning to undertake a comprehensive renovation of the building to reposition it and adapt it to the standards demanded by the market.

Original story: Diario Vasco 

Translation: Carmel Drake

GMP Signs Spain’s First “Green” Loan with BBVA: €68M for Castellana 77

9 December 2018 – Eje Prime

The Spanish real estate sector has obtained its first green loan. Specifically, the Socimi GMP, controlled by the Montoro family, has signed a loan of that type with BBVA to finance the project to renovate Castellana 77, an office building in the Azca area. In total, the real estate company has received €68 million.

Specifically, the Socimi acquired the building from BBVA in 2015. GMP has recently completed work to renovate the property. The company’s commitment to obtain the loan has been established around the fact that the money will be used to promote sustainability, according to Expansión.

GMP, which has the Singapore sovereign fund (GIC) amongst its reference shareholders, has been working for a while to create a portfolio of sustainable buildings. 80% of its assets have the Leed stamp and, last June, one of the jewels in its crown, the former Torre BBVA, obtained the Well Oro certificate, becoming the first property in Spain to merit that distinction.

During the first half of 2018, the Socimi saw its profits soar by 81% to exceed €110 million. The company recorded revenues of €49.5 million between January and June, down by 0.8% compared to the same period in 2017.

Currently, GMP has a portfolio of sixteen assets, which sum a total of twenty-seven buildings and a gross leasable area (GLA) of 360,000 m2. All of them are located in Madrid, along with the 65,105 m2 of buildable space that the group owns, concentrated in the urban developments of Valdebebas and Las Tablas. The company’s portfolio of projects also includes a residential tourist development in Alicante, which is called Las Colinas Golf&Country Club.

Original story: Eje Prime 

Translation: Carmel Drake