Standard Life Investments has sold Las Mercedes office complex in Madrid to GreenOak Real Estate.
The 78,500m² office complex is currently let to a range of blue-chip occupiers, including Altran, Applus, the Spanish Medicines Regulatory Agency and Xerox. This transaction is one of the largest to have completed in the Spanish market so far this year.
The office complex was originally acquired as a development by Standard Life Investments in 2000 and opened in 2004 as of one of the largest and most innovative office complexes in Madrid. It is located at Calle Campezo 1, right opposite Madrid’s Barajas airport, and has a 200-metre façade overlooking the A-2 motorway. The complex comprises nine office blocks, as well as 1,650 parking spaces and communal garden areas. There is a broad range of services on site, including two cafes, a restaurant, a supermarket, a delivery and postal service, a gym, public transport links and its own shuttle bus service.
Daniel McHugh, Head of Continental European Real Estate, Standard Life Investments, said: “Las Mercedes was one of the first acquisitions we made in Spain. While this sale fulfills the long-term strategic aims of the fund to which it belonged, we remain firmly committed to the Spanish market overall, notably through our continued ownership of assets in Barcelona and Madrid. Spain’s robust underlying fundamentals make it an attractive proposition as arguably the strongest recovery market in Europe at present.”
Gómez-Acebo & Pombo provided legal counsel to the seller, while CBRE acted as exclusive advisor on the sale.
