Archive for the ‘Spain real estate comps’ Category

Invesco buys Madrid Titán 4 tower from Pramérica for €40m

Friday, November 18th, 2011

German investment fund manager Invesco has bought the Titán 4 office building in Madrid for €40m from Pramerica, the real estate arm of US insurance firm Prudential. The sale of the tower, located in the Méndez Álvaro neighbourhood in the south of Madrid, is the largest single-asset transaction so far this year in Spain.

Pramérica bought the tower, which is a recent build, from Nozar in 2008. The building is currently rented to Adif, the railway infrastructure management company, and has a total area of 10,300 square metres and 218 parking spaces, according to the broker for the operation and future manager of the building, Cushman & Wakefield.

“This transaction has been possible thanks to the excellent quality of the building and its privileged location, despite of Spain’s current difficult market situation. A well-known tenant has also played an important role. High quality well- located product such as Titán 4 are the type of asset that international investors are looking for,” according to Jaime Alonso-Allende, Head of Office and Industrial Investment of C&W in Madrid.

For more information on this investment transaction and others in the Spanish real estate market contact
| i-comparables.com

Acciona sells Splau! mall to Unibail-Rodamco for €185m

Monday, October 10th, 2011

Madrid-based infrastructure and renewable energy firm Acciona has sold the 54,000 square-metre Splau! mall in Barcelona to French/Dutch real estate investment trust Unibail-Rodamco for €185m, in a sale aimed at cutting debt, according to Spain’s National Stock Market Commission (CNMV).

“The sale is part of our mature asset rotation policy in order to maximize growth potential and returns on investment,” Acciona said in a statement.

Acciona had initially been seeking €200m for the shopping centre, which comprises 160 retail units, including brands such as Zara, H&M, MediaMarkt, an 18-sala cinema and a Mercadona supermarket. Acciona built the mall in conjunction with Grosvenor and Lar Group but took full control of it in 2007.

Jones Lang LaSalle represented the vendor in the transaction.

For more information on this transaction and other retail investment deals in Spain contact | i-comparables.com

Bridas Corporation acquire office building in Arbea Business Park, Alcobendas, Madrid

Wednesday, September 29th, 2010

Alcobendas, Madrid, Spain: Corporate real estate office transaction completion

Bridas Corporation, the Argentine gas and petroleum company that have intentions to purchase YPF, has aquired a 3,000 square metre office building for its own occupation in the Arbea Business Park located in Alcobendas, Madrid. The vendor was Procam, the property company owned by Caixa Catalunya, a Barcelona based savings bank. Promora was represented by ProEquity and Bridas Corporation were represented by Promora.

For more information about this transaction and other corporate and investment property aquisitions in Spain contact | i-comparables.com

Deka complete purchase of Diagonal 640, Barcelona for €450m

Wednesday, August 25th, 2010

Deka complete major commercial real estate investment transaction from Realia in Avenida Diagonal, Barcelona, Spain

Deka Immobilien has acquired Avenida Diagonal 640 in Barcelona, a class-A office building, for €145 million from Realia. CB Richard Ellis (CBRE) advised Madrid-based Realia Group on the sale and Cushman & Wakefield acted for Deka.

Avenida Diagonal 640 comprises one of the most emblematic office buildings in Barcelona. Located on one of the main financial arteries of the city the 28,500 sq m building is partly let to prestigious firms such as Price Waterhouse Coopers, Regus, Caja Madrid and Gomez Acebo y Pombo. Other tenants include smaller and less well known companies.

For more information on this transaction and other commercial investment real estate transactions in Spain contact | i-comparables.com

Supercaixa Holding pay €18m for Torre Sur in Plaza Cerda, Barcelona

Tuesday, August 17th, 2010

Office tower investment transaction in Barcelona

Segurcaixa Holding, the insurance holding owned by the La Caixa savings bank, has purchased the Nissan office tower, also known as Torre Sur, in Plaza Cerdà of Barcelona, for an amount of €18m. The transaction was closed a few days ago and the property was aquired from a private family investment group.
The “Torre Sur” forms part of a complex of three office towers in Plaza Cerdà, denominated as a secondary location in the Barcelona office market since it does not form part of the major two main avenues of tertiary activity which correspond to Avenida Diagonal and Passeig de Gràcia.
The tower has an area of 9,000 square metros and the price amounts to approximately €2,000 per square metre, lower than other transactions closed in the same area during the last quarter. | i-comparables.com