Cain International has acquired two adjacent office assets in north Madrid from Schindler Group and Acciona. Comprising a total of 28,000m² of office accommodation, the two buildings are part of a four-building complex in Albatros Business Park, Alcobendas, north of Madrid’s CBD. The assets benefit from 562 car parking spaces, strong transport links to Madrid’s city centre, and close proximity to Madrid’s international airport. Acciona is the primary occupier across both buildings. Cain International’s partner on this transaction is FREO Group, with whom it already holds a number of Spanish assets in a joint venture. The purchase price was not disclosed.
Nicole Valmar, Vice President of Equity Investment, said: “Having already built a portfolio of nearly €500m since we entered the Spanish market towards the end of 2018, this latest transaction is a strong endorsement of our confidence in the opportunities presented by the region. This sub-market of Madrid is particularly attractive owing to its strong transport links and easy access to the prime residential areas of LaMoraleja and Alcobendas, and with increasing rents and limited vacancy in the CBD and south of the city, it is set to experience further growth.”
