UBS Acquires 2 Office Buildings For €89M

24 October 2016 – Expansión

The real estate division of UBS has expanded its real estate portfolio in Spain once again. The fund has completed the purchase of two buildings in Spain, for a total investment of €89 million.

In Madrid, UBS Asset Management’s Global Real Estate firm (GRE) has acquired an office building, with a leasable surface area of 13,195 m2, spread over five floors and with 417 parking spaces, located on Calle José Echegaray, in the Las Rozas business park. The operation, closed on behalf of one of the Swiss entity’s clients, amounted to €36.5 million.

The property is leased in its entirety to five tenants, including Altamira Asset Management (the real estate division, controlled by the investment fund Apollom that manages Santander’s assets), Avantcard, Finanmadrid and the marketing agency Anekis.

In addition, UBS has purchased the headquarters of Roca Junyent in Barcelona. The property, located close to Avenida Diagonal, contains 11,219 m2 of office space, 39 parking spaces and another 1,000 m2 of storage space.

UBS has purchased that building for €52.5 million for its UBS Diamond Eurozone Offices fund. “The property is in keeping with the fund’s strategy, which looks for basic and advanced investment opportunities, particularly new or recently renovated offices, with high occupancy rates to ensure long term rental income, located in premium sites in the Eurozone’s largest ten to fifteen cities”, say sources at the Swiss bank.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Bluespace Buys Building In Madrid From The Baraka Group

11 March 2015 – Expansión

Bluespace is bringing its storage rental business to the centre of Madrid, in a deal valued at €8 million. The self-storage company has acquired the building located on Avenida de los Toreros, 8, in the district of Salamanca, where it plans to open a new centre, containing one thousand ‘lockers’ or mini-storage spaces, by the end of the year; it will be the company’s fourth largest space.

The property, measuring almost 8,000 square metres, was owned by Baraka Global Invest, the real estate group (in turn) owned by the Murcian businessman Trinitario Casanova. Until now, the building was occupied by a Peugeot car dealership.

The investment of €8 million includes both the acquisition of the building, as well as the cost of refurbishment for its new use. The new centre will have floor space of 4,500 square metres and, in addition to the storage spaces, will also include a business centre and meeting rooms, and will offer clients a removals service.

This transaction is the largest closed by Bluespace since January, when the company was taken over by the Fremont Group, an investment company from San Francisco (USA).

Network of centres

Bluespace is headquartered in Sant Just Desvern (Barcelona) and has a network of 22 (owned) centres located in Madrid, Barcelona and Valencia. It also has 25 partner centres in 22 cities across Spain.

Bluespace’s largest centres are located in Sant Just Desvern, Alcorcón (Madrid) and on Avenida Ramón y Cajal, also in the Spanish capital.

In 2013, the company generated turnover of €18.26 million and an EBITDA of €7.62 million.

Original story: Expansión (by J.O.)

Translation: Carmel Drake