The purchase of the 3.000 sqm building was advised by consultant TC Gabinete Inmobiliario and the name of the seller was not disclosed.
Cadbe GI plans to fully refurbish the building in order to place it on the local rental market, where there is a lack of offices, pointed out the group in a release to which Spanish daily newspaper "El inmobiliario mes a mess" had access.
For Cadbe GI this operation reinforces its bet on this region within the capital. It is here, Northwest of Madrid, that the company possesses several assets. Business complex Cadbe, with more than 30.000 sqm, is an example.
This operation will also boost the Madrid office market’s activity, which during the first semester alone, attracted more than 709 million euro, as estimated by Iberian Property based on public sources. This number represents a 40% share of all investment in Madrid during that period.