GreenOak Sells Las Mercedes Office Park for €200 Million

28 July 2019 – Richard D. K. Turner

GreenOak sold the Las Mercedes business park for between 201 million euros and 205 million euros through its subsidiary socimi Go Madrid Benz. The sales price entails a capital gain of roughly eighty million euros for Go Madrid Benz, which acquired the asset in 2016 for 131.36 million euros. The identity of the buyer was not revealed.

Las Mercedes is made up of nine office buildings, an underground car park and a restaurant and leisure area, and currently has about thirty tenants, including the Spanish Medicines Agency, Enaire, Altran Innovation, Appus Norcontrol, Ibermática and Xerox Spain.

Original Story: Eje Prime

 

Starwood Capital Seeks to Acquire Las Mercedes Office Park

10 July 2019 – Richard D. K. Turner

The U.S.-fund Starwood Capital is negotiating the possible acquisition of the Las Mercedes business park at Calle Campezo, 1, across from Madrid’s Barajas airport.

The 9-building office park belongs to GreenOak, which acquired the asset from Standard Life Investments for approximately 140 million euros just three years ago.

Las Mercedes has a total surface area of ​​79,000 square meters and the nine-building complex surrounds a garden area with courtyards and fountains. Occupancy currently stands at 84%, and existing tenants include Altran, Xerox and Enaire, with retail stores and food services.

According to market sources, Starwood has offered more than 200 million euros for the asset and is considered the likely winner of the sale.

Original Story: Expansion – Rebeca Arroyo