19 July 2018 – Eje Prime
International operation in the office market in Madrid. The German fund Union Investment has sold the Pórtico building to a leading French investment company. The price of the operation has not been revealed, but it exceeded the valuation.
The building, located at number 2 Calle Mahonia, in the Campo de las Naciones area, spans a surface area of 21,000 m2 spread over seven storeys. Moreover, the asset has 413 parking spaces. The operation has been advised by CBRE.
The tenants of the property, which used to be the headquarters of Marsans for several years, include the cruise company Pullmantur and the liquor company Beam Suntory. The building is almost completely occupied, according to details provided by the last owners, who were asking €130 million for the asset when they put it on the market in January.
Pórtico, designed by the architects SOM and Rafael de La-Hoz, was constructed in 2005 and has formed part of Union Investment’s real estate portfolio since 2008. The asset was included in the group’s Unilmo: Deutschland portfolio.
The operation represents the end of Unilmo: Deutschland’s investments in Spain. Nevertheless, Union Investment is continuing to analyse the commercial property market in Madrid for possible new purchases.
Not in vain, at the beginning of the year, the German fund acquired a commercial asset on central Calle Fuencarral in the Spanish capital. Union Investment also owns two offices buildings in Spain and a hotel in Barcelona, which together have a combined value of approximately €190 million.
Original story: Eje Prime
Translation: Carmel Drake