Starwood Capital Seeks to Acquire Las Mercedes Office Park

10 July 2019 – Richard D. K. Turner

The U.S.-fund Starwood Capital is negotiating the possible acquisition of the Las Mercedes business park at Calle Campezo, 1, across from Madrid’s Barajas airport.

The 9-building office park belongs to GreenOak, which acquired the asset from Standard Life Investments for approximately 140 million euros just three years ago.

Las Mercedes has a total surface area of ​​79,000 square meters and the nine-building complex surrounds a garden area with courtyards and fountains. Occupancy currently stands at 84%, and existing tenants include Altran, Xerox and Enaire, with retail stores and food services.

According to market sources, Starwood has offered more than 200 million euros for the asset and is considered the likely winner of the sale.

Original Story: Expansion – Rebeca Arroyo

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