Barings acquires four Madrid office buildings
Barings Real Estate has acquired four office buildings at Avalon Business Park in Madrid, Spain, on behalf of an institutional investor.
This follows a previous acquisition of five office buildings within the Business Park, making Barings the sole owner of the site. The investment is part of Barings’ pan-European Core+ investment strategy.
The newly acquired offices offer 20,749 sq m of good quality, class-A office space with modern and flexible buildings, as well as 422 sq m of retail space and 351 underground parking spaces. The full business park, which is formed of nine office buildings, totals 46,952 sq m.
Avalon Business Park is located in Julian Camarillo, a 952,000 sq m consolidated office sub-market within the city of Madrid. Formerly an industrial area, it has become a sought after office destination for technological companies. The area benefits from close proximity to both Madrid’s city centre and the airport and good public transport links make it easily accessible.
Savills Aguirre Newman has been retained as letting agent for the entire business park, and the property will be managed by Cushman and Wakefield. The buildings were acquired in an off-market transaction. Barings was advised by Arcadis, Dentons and Knight Frank and Münchener Hypothekenbank eG has provided financing for the deal.
Adolfo Favieres, Managing Director, Country Head Real Estate for Spain, Barings, says: “Now that we are sole owners of Avalon Park we have an ambitious plan to position the property as the market reference for this asset class in Spain, through selective capital expenditure and providing services to occupiers. Simultaneously, we continue to expand our portfolio strategy of investing in Core+ to Opportunistic investments across target locations in Europe.”