Thu, 30/08/2018 - 08:50
Barings Real Estate has acquired five office buildings within Avalon Business Park, Madrid, Spain, as part of a Pan-European value-add investment strategy on behalf of an institutional investor. The seller is Meridia Capital.
The five office buildings comprise 24,495sqm and are best in class in this submarket. The buildings are 97 per cent occupied with more than 20 tenants mainly from the IT/technology and engineering sectors. Additionally, there are 1,291sqm of retail space and 421 underground parking spaces. The Avalon Business Park comprises in total nine office buildings with 46,952 sq m. The business park is located in Julian Camarillo, a 950,000 sq m, consolidated office sub-market within the city of Madrid, one of the largest submarkets in terms of take-up in 2018.
Formerly an industrial area, Avalon Business Park has already undergone big changes in the past years and is becoming a well-sought after office destination for technological companies. It is in very close proximity to the city centre and the airport (15 minutes by car to each). The metro station is within eight minutes walking distance, and the property is served by several bus lines.
Adolfo Favieres, Country Head Real Estate, Spain, at Barings, says: “We are delighted to announce our seventh acquisition in Spain and our first investment in the Madrid office market, where we see significant rental and value growth over the coming years. This is a new milestone in the development of our investment strategy in the Iberian Peninsula after a significant capital deployment in both the retail and the logistic markets. As our local team grows, we continue broadening our investment horizon, not only across different asset classes but also in terms of risk profile, from core product to value-add and opportunistic transactions.”
Barings was advised by Dentons (Legal), Deloitte (Financial), Arcadis (Technical) and Knight Frank (Valuation). Meridia Capital was advised by Garrigues and Savills Aguirre Newman.
Barings Alternative Investments (BAI), part of Barings LLC, is a 460-plus associate team located across 11 countries that manages USD52.3 billion in client capital (as of March 31 2018). BAI seeks differentiated sources of returns by incorporating decades of investment experience in alternative assets offering investors access to a diverse range of opportunities across private equity, real assets, asset-based investments and the four quadrants of real estate. We serve as a trusted partner to clients, leveraging our global presence and robust origination capabilities to identify the most attractive risk-adjusted return opportunities.
The Barings Real Estate team offers a broad range of investment opportunities globally across the public and private debt and equity markets. The team invests across all major property sectors with a focus on global relative value and trend-backed preferred strategies.
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