Kennedy Wilson Europe Real Estate Fund II SCSp, a private real estate fund managed by Kennedy Wilson, has acquired Ulises 16-18, a Grade A office building in Madrid, Spain. Ulises 16-18 is located in the affluent Arturo Soria district in the northeast of Madrid, an established office market and home to major international corporations including the likes of BNP, Allianz, and AXA.
The 103,000ft² building, arranged over eight floors, was comprehensively refurbished in 2017, achieving a LEED Gold rating. It offers outdoor amenity space on the ground floor, 309 car parking spaces and excellent connectivity, with immediate access to public transport, including an adjacent Metro station; while the airport is a fifteen-minute drive away and Madrid city centre is within walking distance.
Cristina Perez, Head of Spain at Kennedy Wilson Europe, commented: “This transaction presented an attractive opportunity to acquire a high quality, centrally located and green-certified office building. With a near term leasing opportunity on 58% of the space and the ability to capture further rental upside in the medium term, Ulises provides a compelling value-add opportunity. We are confident that the strong occupier demand for well-located buildings in less urban areas with strong environmental credentials will continue, while the lack of future development activity in this key business district underpins our investment thesis for Fund II.”
