After a holding period of 12 years, Union Investment Real Estate GmbH, Hamburg, has sold Edificio Amura, an 18,178m² office building on the outskirts of Madrid, for approximately €37m. The asset was acquired by AEW Europe on behalf of the Europe Value Investors fund (EVI). The office is located 13km north of Madrid’s CBD in Alcobendas. The building is currently 67% let to seven tenants.
Philip La Pierre, head of investment management Europe at Union Investment Real Estate GmbH, commented: “Over the past years our local asset management has successfully stabilized and improved the letting status of Amura in a challenging market environment, thereby turning the property into an attractive investment target. The office markets in Madrid and Barcelona offer interesting opportunities to renew and increase our Spanish portfolio. We could therefore very well imagine to reinvest the profit from the sale of Amura in Spain.”
