New Winds Group Buys Hearst’s HQ in Madrid from Patron Capital

26 January 2018 – Eje Prime

New operation in the office sector in Spain. New Winds Group, a real estate company controlled by Milagros Reyzábal, has purchased the building located at number 23 Calle Santa Engracia in Madrid from Patron Capital. The building is occupied by the communications company Hearst.

The acquisition forms part of the growth strategy of the New Winds Group, in its office real estate division, which is expected to continuing investing in similar buildings with a medium- and long-term value-added approach. Hearst has a rental contract that runs until 2025.

Patron Capital has been advised in this transaction by CBRE, and New Winds Group has received technical assistance from the Madrilenian architecture studio SML.

New Winds Group is a Madrilenian real estate company linked to the Reyzábal family; above all, it is known for being the owner of the Windsor building. In recent years, it has grown its property portfolio with the inclusion of shopping centres, such as in Montecarmelo in the capital of Spain, and office buildings.

Original story: Eje Prime

Translation: Carmel Drake