Ardian buys office building in Madrid in first real estate deal in Spain
Private investment group Ardian has closed its first real estate investment in Spain, with an off-market acquisition of an office building in Madrid for an undisclosed amount.
The property is located near AZCA, Madrid’s main financial district, which benefits from excellent commuter links and it currently houses the Spanish HQs of a number of multinational companies, including EY, Deloitte, Google and Accenture.
This office building, constructed in 1992, consists of around 10,000 sqm of rental space and includes more than 150 parking spaces. The property is fully occupied by a single tenant. The building features high ceilings, and benefits from plenty of natural light in office areas, as well as ample exterior space. These factors are increasingly important for attracting occupants.
The team will work with the tenant to identify investment priorities in the property within the framework of their management strategy.
The investment has been performed through the set-up of a dedicated investment platform controlled by an Italian real estate multi-compartment Sicaf, entirely owned by Ardian and managed by Prelios SGR.
Ardian formally launched its real estate activity in Spain at the end of 2019, when it entered the market.
Edmund Eggins, Director in the Ardian Real Estate team: “We are very pleased to announce our first investment in Spain. The building’s features and central location - align well with our strategy. The Spanish office investment market continues to be very attractive. Our work will continue to focus on applying sustainability to management and to meet the needs arising from the pandemic with the aim of creating workspaces that adapt to tenants’ current and future needs.”
Rodolfo Petrosino, Head of Southern Europe for Ardian Real Estate: "We are delighted to launch Ardian Real Estate’s Spanish investment activity with this acquisition. Spain is a key market for us, and we look forward to growing a portfolio of prime-located assets in Madrid and Barcelona.”