Private equity firm Ardian has made its second real estate investment in Spain with the acquisition of an office building in Madrid’s Méndez Álvaro area from BNP Paribas Group.
Méndez Álvaro is a consolidated residential, commercial and office area within the M-30, with excellent connections to the airport, Atocha and Méndez Álvaro stations.
It is also home to the headquarters of several multinationals in Spain, including Amazon, Repsol, Mahou and JustEat.
The parties have agreed not to disclose the financial details of the transaction.
The building, built in 1993, has a surface area of approximately 13,200 m², distributed over 15 floors, and 225 parking spaces.
Ardian’s local team will work on a comprehensive asset refurbishment programme with the aim of repositioning it into a building that meets the highest international standards of comfort, wellbeing, sustainability and efficiency, meeting the needs and demands of current and future tenants.
Ardian said the acquisition of this building is in line with Ardian Real Estate’s strategy, based on value creation through active asset management, with the aim of improving facilities, asset performance and, ultimately, developing their full potential.
The transaction, Ardian Real Estate’s second in Spain, follows the one announced last July, when the firm acquired a 10,000 m² building located near AZCA, Madrid’s historic financial centre.
“The acquisition of this building reinforces our commitment to Spain. It represents a unique opportunity to acquire a highly visible asset within the M-30, in a location with strong fundamental and potential, and with the opportunity to actively reposition the property into a building of the future,” said Edmund Eggins, Head Of Spain For Real Estate.
“The Ardian Real Estate team in Spain has been working these last months analyzing many opportunities, and today we can say that we have closed a great deal together with BNP Paribas. For us, Spain, and in particular Madrid and Barcelona, continues to be a very interesting market, and we expect to continue to grow our portfolio in the coming months,” added Rodolfo Petrosino, Head Of Southern Europe for Ardian Real Estate.
BNP Paribas Real Estate is the entity responsible for the BNP Paribas Group’s real estate assets in Spain. The group planned this transaction following the relocation of three of its business lines to a 13,700 m² building in Madrid Rio.
Borja Ortega, CEO of BNP Paribas Real Estate, said: “This transaction demonstrates the interest that the Madrid office market continues to generate for major national and international players. The structuring of the transaction through an orderly process has allowed us to successfully complete the process on schedule”.