Metrovacesa has bought the Elipse building from a private investor, for some €20 million, in a transaction through EXA (real estate advisors). This property, situated in the calle Manoteras 18, in the north of Madrid, has an area of some 7,200 square metres above grade and has 95 garage spaces. It is currently 100% leased out.
The building is next to Metrovacesa Isla Charmartin Park, which belongs to Metrovacesa. The purchase brings synergies as the real estate company now owns the whole block.
The acquisition follows the company's strategic line because it boosts its presence in the office market in the north of Madrid where it already has different business parks (Metrovacesa Alvento, Metrovacesa Sanchinarro, Metrovacesa Las Tablas, etc.) and several projects under way (Metrovacesa Adequa Business City, Isla de Chamartín Park, etc.). The company has invested over €600 million in these projects; some completed and others in the pipeline.