Union Investment has sold the Portico office building in eastern Madrid to a fund managed by a French real estate investor. Comprising some 21,000m² of space, the property was constructed in 2005 and includes 413 parking spaces. It was acquired by Union Investment in 2008 and held in the UniImmo: Deutschland portfolio. The purchase price was not disclosed. CBRE brokered the transaction on behalf of the vendor.
Portico is a seven-storey multi-tenant building located at 2 Calle Mahonia in the Campo de las Naciones submarket and was almost fully let at the time of sale. The largest tenants in the property include spirits producer Beam Suntory and cruise operator Pullmantur Cruises. Portico was designed by architects SOM and Rafael de La-Hoz. The property’s sustainability is reflected in its BREEAM Very Good certification.
The sale of Pórtico means that Unilmmo: Deutschland is now no longer invested in Spain. Union Investment nonetheless continues to monitor the Madrid commercial property market for potential acquisition opportunities. At the beginning of 2018, the Hamburg-based real estate investment manager acquired a retail property at 16 Fuencarral in the centre of Madrid. Union Investment also holds two office properties and a hotel in Spain with a total value of around €190m. All three properties are located in Barcelona.
