30 December 2020
Grosvenor Europe acquires a 10,600 sqm office building in Madrid
Grosvenor Europe has acquired an office building in Madrid, in the Méndez Álvaro neighbourhood.
Grosvenor Europe has acquired an office building in Madrid from UBS (D) Euroinvest Immobilien, a German open-ended real estate fund managed by UBS Real Estate GmbH.
The asset is located at 8 Calle Titán in the Méndez Álvaro neighbourhood of the Spanish capital, one of the most dynamic and high-potential office areas of Madrid. The building has 10,634 sqm distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar.
The asset is strategically located amongst a purposeful stretch of offices, with excellent visibility from the M-30. This area is undergoing its final phase of densification with large developments on the few remaining plots of this high-demand office district. It benefits from excellent transport connections with access to both the Atocha station and the airport, as well as being part of a larger mixed-use area creating a dynamic community and plentiful local services.
The office tower was completed in 2008 and is certified LEED Gold. The freestanding building has excellent natural light, with very flexible, open plan office floors and exceptional ceiling height, accommodating demand for corporate headquarters and from small occupiers alike.
Despite the uncertainty caused by Covid-19, the year 2020 will close with a Spanish office investment volume of approximately 2.3 billion Euros, with more than 80% coming from international investors, who continue to rely on the solid fundamentals of the market. Submarkets such as Méndez Álvaro, in which there is a very low vacancy rate, are expected to show solid growth due to its great location with stabilised rents and solvent tenants.
Grosvenor was advised by Savills Aguirre Newman and the seller by Cushman & Wakefield.
About Grosvenor Europe
Grosvenor Europe invests in, develops and manages real estate assets in vibrant European cities including Paris, Stockholm and Madrid. As a part of Grosvenor Group, with a track record of over 340 years, our activities are designed to improve properties and places that will deliver lasting commercial and social benefit in the places we are active.
Our strategy for delivering social benefit identifies five priority areas where we believe we can have the most measurable impact on social and environmental sustainability; sustainable buildings, sustainable businesses and communities, health and wellbeing, nature and net zero carbon. In 2020 we launched our net zero carbon strategy, which commits us to reducing our total carbon impact by 50% by 2030. This strategy was approved by the Science Based Targets Initiative and verified in line with the most ambitious trajectory of the Paris Agreement, to limit global warming by 1.5oC.
As at 31 December 2019, we managed £1.9bn AUM of assets, including Skärholmen Centrum shopping centre in Stockholm, a growing office portfolio in Madrid and Paris and a strong residential development pipeline in Madrid.
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