Starwood Capital Group has acquired the Omega office park in Madrid and the Pallars office park in Barcelona from affiliates of Autonomy Capital for €125m. Autonomy Capital is an investment manager specializing in thematic, multi-asset class investing across developed and emerging markets.
The Omega office park consists of four out of six buildings, comprising approximately 33,458m² of GLA in Omega Business Park located in Madrid’s A1 corridor, a well-connected peripheral office district particularly popular with blue-chip companies. The Pallars office park, a fully let grade A office building, comprises 12,631m² of GLA, and is located in Barcelona’s 22@ tech district. Starwood intends to optimise the assets through active management, which will help raise rents and increase occupancy.
Robert Gibbins, Chief Investment Officer of Autonomy Capital, said: “The sale of the Omega and Pallars office parks underscores Autonomy’s ability to successfully execute on our strategy of acquiring and adding significant value to transformational real estate projects in Spain. I am excited about the growth prospects of the Spanish economy, and look forward to continuing to identify attractive real estate investment opportunities across the country.”
Francesco Zanella, Vice President at Starwood Capital Group, added: “We are excited to add two high-quality assets to our Spanish office portfolio, allowing us to further increase our exposure to the exciting office markets of Barcelona and Madrid. We look forward to accelerating the portfolio’s positive letting trajectory through Starwood’s dynamic asset management approach.”
