UBS Real Estate GmbH, acting on behalf of the UBS (D) Euroinvest Immobilien fund, has acquired the Titán 8 office asset in Madrid, Spain. This transaction represents Euroinvest’s debut investment since the Fund’s recent strategic relaunch.
Titán 8 is a prominent office asset in the south of Madrid comprising 18 storeys spread across 10,633 m² and including 228 underground car parking spaces. The imposing tower has been acquired in Grade A condition having been completed according to the highest quality, efficiency and design standards in 2008 and well-maintained since, and features a glass curtain wall façade that offers impressive views from upper levels. Main tenants are from the financial business, the energy and service provider industry.
The asset is strategically located in Madrid’s business district of Méndez Álvaro, in the south of the city centre, and benefits from strong transport links, positioned adjacent to the M30 ring-road, providing access to Madrid’s international airport in just 15 minutes and with the capital’s main train station, ’Atocha’, nearby. With highly constrained supply in the area and resilient occupier demand, Méndez Álvaro office rents have demonstrated buoyant performance over recent years.
Euroinvest comprises a €820m portfolio of predominantly core office assets located across key European cities.
Alexander Isak, Fund Manager of Euroinvest, commented: “As the Fund’s maiden investment since relaunching, Titán 8 is a perfect illustration of the high quality and resilient assets that we are targeting. It benefits from an excellent location which is proven to generate robust occupier demand, offering further upside as the Spanish economy strengthens. We’re pleased to be in a position to invest in new attractive opportunities that we are identifying in the market.”
