Azora acquired, with the intermediation of CBRE, an office building located at Calle Doctor Esquerdo 136 in the Retiro district, an area in Madrid’s city centre that has undergone a major transformation with new office and residential projects.
The acquired property is a multi-tenant office building with a total gross lettable area (GLA) of 9,094m², spread over 8 floors and an underground car park with 23 parking spaces. It is currently 85% occupied.
Located just a few minutes' drive from Atocha Station, it is also well-connected by public transportation, with a metro station right in front of the building and direct access from the M-30 highway. Additionally, it offers access to a wide range of services including restaurants, supermarkets, and pharmacies.
The asset offers potential alternative uses, with both residential and tertiary uses currently under analysis, allowing for greater flexibility when considering future repositioning opportunities.
Javier Rodríguez Heredia, Managing Partner of Azora's Real Estate Business, said: “Our approach is to invest flexibly across the real estate sector in Southern Europe to take advantage of the various value-add opportunities being generated at this point in the cycle. These types of strategic acquisitions enable us to utilize our strong operational expertise to regenerate cities through the repositioning, transformation, and improvement of assets while driving further value through the implementation of sustainability criteria in our investments. The various alternative uses for this asset also align well with this approach and offer significant future repositioning opportunities.”
Image provided by FTI Consulting.
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