Paseo de Recoletos 3, Madrid – Spanish commercial real estate investment opportunity

Commercial real estate opportunity in Spain’s Madrid market. The mixed use building at Paseo de Recoletos 3 in the centre of Madrid has been placed on the market for sale. The property is likely to appeal to private Spanish investors and understands that the asking price could be in the region of a 5% initial yield. The property is approximately 50% occupied by Uralita. The sales mandate has been awarded to Savills and Catella Property Group on a co-exclusive basis. The building which was constructed in 1975 comprises ground level retail plus six upper office floors with a total area of 5,434 m2 plus four basement levels with 65 parking spaces. The vendor of the property is Ballester which is reported to have paid €71.5m for the building in 2006. |

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