Henderson Park, the European real estate investment platform founded by Nick Weber, has made its first acquisition in the Spanish market with the purchase of the iconic “Los Cubos” office building in central Madrid from Realia Inmobiliaria. The purchase price remains undisclosed.
Comprising 18,000 m² space over nine storeys, Los Cubos is one of the most well-known and recognisable office buildings in Madrid. It benefits from a strategic location at the crossroad of M-30, the main ring road of Madrid and A2, the direct highway between the city centre and the airport, in an area favoured by large domestic and international corporate occupiers.
Los Cubos is currently vacant and Henderson Park plans to undertake a full refurbishment of the building targeting latest standards in occupiers’ comfort and environmental performances and taking advantage of the growing demand for, and a constrained supply of, prime Grade-A space in the Madrid office market in general, and in the immediate vicinity of Los Cubos in particular. Work is expected to start in 2018 on the scheme in Q1 with delivery mid-2019.
Nick Weber, Founding Partner of Henderson Park, said: “As one of the most recognisable and iconic buildings in Madrid, we are very excited to be adding Los Cubos to our portfolio. It is also our first transaction in Spain where the country’s economic recovery, increasing growth in employment and job creation prospects give us the confidence to seek further opportunities in the Madrid region. The property is in a great location in a capital City where growing demand for grade A space is not being met by supply. We believe that there is an opportunity to unlock significant value from this landmark asset for our investors through the major repositioning and refurbishment programme our team is planning to commence early next year.”
