Merlin Properties Sells Portfolio of Office Buildings for €225 Million

2 December 2019 – Merlin Properties announced that it had finalised the sale of a portfolio of 26 office buildings in Madrid and Barcelona to Cain International and the European real estate investment platform Freo Group for 225 million euros. The assets have a total surface area of ​​133,218 square meters, generating a gross rental income of about 11.8 million euros.

Twenty-one of the buildings in the portfolio are located in Madrid, while the rest are in Barcelona. The business parks include the two Muntadas, next to the El Prat airport, the Citypark in Cornellá, the Minipark complexes in Alcobendas and El Plantío in Madrid.

Original Story: Bolsamanía / Europa Press

Adaptation/Translation: Richard D. K. Turner

Spain’s Ministry of Labor to Sell its Headquarters in Barcelona

14 November 2019 – Spain’s Ministry of Labor will auction off its headquarters in Barcelona, hoping to raise at least 16.75 million euros with the sale. The property has more than 5,000 m2 of surface area and is located in central Barcelona, in the neighbourhood of Eixample. The building has nine above-ground and two below-ground floors.

The asset is located at Ronda de Sant Pere 41. The ministry first attempted to sell the site in 2017, but no bidders appeared.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Meridia to Sell a Major Portfolio of Office Buildings in Madrid and Barcelona

31 October 2019 – Meridia is selling the largest portfolio of office buildings currently on the market. The portfolio, known as Project Square, is made up of a dozen real estate assets in Madrid and Barcelona. The sale of assets from the socimi Meridia III could be worth up to 200 million euros.

The assets in Madrid include the Omega Building in Alcobendas; three buildings on Calle Julián Camarillo, and the Virgilio II building in Pozuelo de Alarcón.

In Barcelona, ​​the portfolio consists of the Citypark in Cornellá; two office buildings in Viladecans; the Diagonal Business Park in Esplugues de Llobregat, and another asset at Paseo de San Joan 75.

In total, the portfolio has around 80,000 square meters of surface area, with approximately 1,200 parking spaces.

Original Story: Cinco Días – Alfonso Simón Ruiz

Adaptation/Translation: Richard D. K. Turner

Inovalis Acquires Office Complex in the Largest Deal of the Last Five Years in Málaga

31 October 2019 – The Canadian REIT Inovalis has acquired the Málaga Business Park office complex from Iberdrola, in the largest real estate operation in Málaga of the last five years. The complex is located in the Andalusian technology park and was originally built in 2003. The Málaga Business Park consists of six buildings with 12,000 square meters of gross leasable area. The complex is currently 100% occupied and has nearly 300 parking spaces.

Before this investment in Spain, Inovalis had focused on France and Germany, where it owns 14 office buildings in cities such as Paris, Stuttgart and Frankfurt.

Original Story: Expansión

Adaptation/Translation: Richard D. K. Turner

Pictet Acquires Office Complex at Paseo de la Castellana 62

2 October 2019 – Pictet, through its real estate fund Elevation I, has finalised its first acquisition in Spain. The fund acquired two buildings located at Paseo de la Castellana 62, in Madrid.

The office complex was completed in 2012 but never occupied. The 7,900-m2 asset consists of a 9-floor main building facing Castellana with terraces, a garden and commercial premises. The second office building, behind the first, has three floors. The complex also has three underground floors with parking and storage rooms.

Original Story: El Economista – Alba Brualla

Adaptation/Translation: Richard D. K. Turner

HIG Capital Acquires Two Office Buildings in Madrid from Meridia for €25 Million

1 October 2019 – The venture capital firm HIG Capital has acquired two buildings at Calle Gobelas 41-49 in La Florida, Madrid from Meridia for 25 million euros, according to market sources.

The two buildings have a combined area of ​​15,000 square meters. One of the two was renovated recently, while the other will undergo a complete remodelling.

The buildings are part of an asset portfolio that Meridia Capital acquired in 2015 from GE Capital Real Estate. Of the eleven assets in that portfolio, seven are located in Barcelona, ​​while the other four are in Madrid. Two of the latter were the properties on Calle Gobelas.

Original Story: Eje Prime – Marta Casado Pla / Marc Vidal Ordeig

Adaptation/Translation: Richard D. K. Turner