Duro Felguera Sells 2 Madrid Office Buildings to Signal Capital

14 March 2018 – Property Funds World

Signal Capital Partners has completed the acquisition of two office buildings in Madrid from Duro Felguera. Optimus Global Investors acted as sole advisor instructed by the vendor.

The largest building is the corporate headquarters of Duro Felguera in Madrid, which is located at Via de los Poblados 7, in the consolidated Campo de las Naciones Business Park. The freestanding office building comprises an area of almost 14,000 sqm GLA, set over five floors, as well as two basements with 228 car parking spaces. Duro Felguera has entered into a new lease over part of this building.

The Campo de las Naciones office market is considered to be one of Madrid’s most established and attractive office markets outside the CBD, strategically located midway between the Barajas airport and the CBD and near Madrid’s exhibition centre. The building benefits from both high visibility from the main ring road (M-40) and large open plan floor layouts. It is also next to the Cristalia Business Park, comprising almost 100,000 sqm of office accommodation, a modern hotel and amenities such as a nursery and several restaurants.

The second property is a vacant office building located at Calle Jacinto Benavente 4 in Las Rozas, Madrid. That property comprises an area of 2,600 sqm GLA, set over three floors and with 133 car parking places. The property, next to Tripark, is located in the Las Rozas Business Park, a consolidated office area in the northwest of Madrid in which well-known multinationals such as HP, Bankia, Oracle, Día, Santander, Adidas, ING and Triodos, amongst others, are located. It has a high occupancy rate, is easily accessible by car from the main highways of Madrid (A-6, M-40 and M-50) and enjoys amenities such as restaurants, gyms, shopping centres (Las Rozas Village and Heron City) and leisure activities.

Kris Van Lancker, Managing Director at Optimus Global Investors, says: “This has been one of the most complex transactions in which Optimus has successfully advised. The difficulty lay in finding the fine balance between the financial and office space needs of Duro Felguera in the scope of its global refinancing program and the investment requirements of Signal Capital Partners. It allows Duro Felguera to divest its non-strategic assets and at the same time helps Signal meet its risk-adjusted return targets.”

Original story: Property Funds World

Edited by: Carmel Drake

British Fund Signal Capital Partners Offers €30M+ for Duro Felguera’s HQ

7 February 2018 – Eje Prime

The sale of the headquarters of Duro Felguera in Madrid could be on the verge of being signed. The Asturian company has received an offer for more than €30 million from the British investment fund Signal Capital Partners. And the company has already requested a due diligence, according to El Economista.

Before Signal, the Duro Felguera building, located at number 7 Calle Vía de los Poblados in the Spanish capital, had been courted by two other interested parties: Banco Sabadell and Sandra Ortega, one of the daughters of the Inditex founder.

Two months ago, the Spanish bank offered €33 million for the building, but it seems that neither its bid nor the €38 million that Sandra Ortega (…) placed on the table convinced the Asturian group. In the case of Ortega, the economic proposal was accompanied by one condition: the rental of the asset for ten years, at a price of €2 million per year and a seven-year deposit, according to Vozpopuli.

Duro Felguera, which is on the brink of filing for creditors’ bankruptcy, has until 15 April to reach an agreement with the banks to restructure its debt, which exceeds €900 million. For that reason, the company is particularly keen to complete the sale of this asset.

If the fund reaches an agreement, it would represent Signal Capital Partners’ second operation in Spain. In 2017, it took part in the purchase and remodelling of Aparthotel Orquidea, an establishment located in Ibiza, with a surface area of 12,000 m2 and 198 rooms.

Original story: Eje Prime

Translation: Carmel Drake