Grosvenor Europe, a part of Grosvenor Group, a privately-owned international property company, has acquired an office building in Madrid from UBS (D) Euroinvest Immobilien, a German open-ended real estate fund managed by UBS Real Estate GmbH.
The asset is located at 8 Calle Titán in the Méndez Álvaro neighbourhood of the Spanish capital, one of the most dynamic and high-potential office areas of Madrid.
The building has 10,634 sqm distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar.
The asset is strategically located amongst a purposeful stretch of offices, with excellent visibility from the M-30. The office tower was completed in 2008 and is certified LEED Gold.
Despite the uncertainty caused by Covid-19, the year 2020 will close with a Spanish office investment volume of approximately 2.3 billion Euros, with more than 80% coming from international investors, who continue to rely on the solid fundamentals of the market.
Submarkets such as Méndez Álvaro, in which there is a very low vacancy rate, are expected to show solid growth due to its great location with stabilised rents and solvent tenants.
Grosvenor was advised by Savills Aguirre Newman and the seller by Cushman & Wakefield.