Colonial has acquired a prime office building in the Madrid CBD, located in Génova 17. The building is occupied by prestigious multinational companies, and has a total above ground letting space of 4,776 m² and 70 parking units.
Thanks to its central location, the prime positioning of the building is strengthened due to its recent total refurbishment as well as receiving the BREEAM ‘Very Good’ Certificate and the Level A Energy Performance Certificate. This certification assures that the building construction elements have been reviewed in order to comply with the maximum requirements for energy efficiency and sustainability.
With the acquisition of this core asset, Colonial has incorporated a premium quality office building into a market with prime product scarcity. Additionally, it will attract high quality demand at maximum letting prices. This asset has an immediate high rent generating capacity, which complements the other investment completed to date.
With this acquisition, Colonial has carried out the acquisitions of three prime office buildings in the Madrid CBD during the first half 2015. The total above ground letting space of the three investments is 26,000 m².
Including this transaction of €36 mln, Colonial’s total investment in the Madrid prime office market amounts to over €125 mln in 2015 (including the project development Capex for Estébanez Calderón, 3-5 and Príncipe de Vergara112). This acquisition, advised by BNP Parisbas, was completed off-market, the same as the two previous transactions.