Tag: sellside

Royal Metropolitan Buys Bancoval’s HQ In Madrid For c. €20M

25 July 2017 – Expansión

The headquarters of Bancoval in Madrid has a new owner. The fund manager Royal Metropolitan has closed an agreement with Inversis to purchase the building, located at number 20 on the Madrilenian street Calle Fernando El Santo.

The operation has been closed for a price of just over €20 million, which is equivalent to around €7,400/m2, according to market sources.

Last year, Inversis – owner of Grupo Banca March – acquired the subsidiary of Royal Bank of Canada (RBC) – later renamed Bancoval – and inherited this asset.

A year later, the financial institution decided to put the building up for sale to take advantage of the good times in the real estate sector and the interest from investors in assets in the best locations. Savills has participated in the transaction, which has been closed in record time, advising the buyer, and Deloitte has advised the vendor.

The building has a gross leasable area of almost 2,700 m2, distributed over seven floors, as well as two basement floors for parking with more than 700 m2 of additional space. The building, constructed in 1967, was renovated in 1998 and received a special mention from the Town Hall of Madrid in 1999 for the urban planning, architecture and public work awards, within the renovated building category.

This property is located in the Almagro district – one of the most-sought after in Madrid for investors due to the scarcity of prime products there -. The location, its renovation potential and the possibility of using it for offices (for one or more tenants) or for residential purposes, since it has licences for both uses, constitute some of the main advantages of the asset.

Investor interest

The office market is still one of the star segments in the real estate sector. In the first half of the year alone, the volume of investment in the office market in Madrid and Barcelona exceeded €1,100 million. Although the growth in rents is still in its infancy, an improvement is starting to be felt in buildings located in the business district and in the best-located areas, and upwards movements are forecast for the second half of the year.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

GreenOak Purchases Las Mercedes Business Park For €140M

24 June 2016 – Expansión

The US fund GreenOak Real Estate has purchased the Las Mercedes business park in Madrid from Standard Life Investments for around €140 million, according to sources close to the deal.

In 2004, Standard Life Investments invested around €150 million in the construction of the business park, located on the outskirts of Madrid next to the A-2 motorway. The business park, located on Calle Campezo 1, opposite Madrid Barajas airport, is just a few metres away from the Plenilunio shopping centre – measuring 70,000 sqm – owned by Klepierre.

Covering 78,500 sqm, the business complex comprises nine office buildings and a private garden. Constructed on a plot of land measuring four hectares, the complex includes a common area with two cafeterias, a restaurant, a supermarket, a courier service and a gym. The business park is served by public transport and a shuttle bus, which connects it with Madrid. In addition, the business park has parking spaces with capacity for 1,652 vehicles.

The Las Mercedes business park is currently occupied by tenants such as Altran, Applus, la Agencia Española de Medicamentos y Reguladora and Xerox. Clifford Chance, Jones Lang LaSalle (JLL) and Gleeds have advised the buyers, whilst Gomez-Acebo &Pombo and CBRE have advised the sellers.

GreenOak, which opened its office in Madrid in 2015, has been very active in Spain. Last year, it acquired the Sevilla Factory shopping centre and a building on the Madrilenian Calle Fuencarral. In addition, in 2014, it joined forces with Baupost and Lar to purchase seven properties located in Madrid, Málaga, Barcelona, Burgos and Alicante.

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake