Hispania Activos Inmobiliarios has acquired a 90 per cent stake in ONCISA for EUR80.2 million.
ONCISA is the real estate company of Grupo de Empresas de la ONCE (Grupo ONCE) and its Foundation (Fundación ONCE) and owns 46,416 square metres of office space, distributed in nine assets, eight located in Madrid and one in Malaga.
The implied valuation of the portfolio is EUR120.4 million, including debt.
This transaction has been made in the context of a wider collaboration agreement signed between Grupo Azora – Hispania’s investment manager – and Fundación ONCE. This agreement sets the basis for collaboration in projects related to people with disabilities and their inclusion in society and in the corporate world, as well as on improving their accessibility to goods and services.
In a separate deal, closed on 27 May 2014, Hispania acquired from a third party two floors of the Murano building for an acquisition price of EUR4.4 million. The rest of the Murano building already belonged to ONCISA. These two floors have been contributed as part of the capital increase subscribed by Hispania – completing the ownership of 100 per cent of the building – along with a cash contribution of EUR75.8 million, making up the full price of EUR80.2 million for the acquisition of the 90 per cent stake.
“This new deal of Hispania in the office market in Madrid fits perfectly with our investment strategy. The association with Grupo ONCE and its Foundation represents a great opportunity to develop new joint corporate initiatives. The agreement signed with Fundación ONCE is an important step for Azora in terms of corporate social responsibility and we are really committed with the opportunity of collaboration that will derive from this relationship,” says Concha Osácar, board member of Hispania.