Serrano 73 Office Building, Madrid | Photo Collected from Colonial's Official Webpage
Between April and May alone, Colonial occupied nearly 10.000 sqm between new contracting and renewals. This result not only keeps in line with the company’s plans for 2020, but the recently agreed rents surpass in 10% the amount established last year and in 50% the previous rents, according to newspaper Expansión.
One of the latest contracts was established with American giant Goldman Sachs, which should occupy 6.500 sqm of office building number 83 at Avenida Marceau right at the heart of Paris. Amongst the REIT’s main tenants are McKinsey, Freshfields, Netflix, Facebook and Naturgy, among others.
Despite the office segment’s resilience to the crisis, Colonial decided to move forward with the restructuring of its liability, seeking creditors alternative to traditional banks and with the issuance of securities to guarantee liquidity for the next 4 years. Apart from that, the REIT should continue its non-strategic asset divestment strategy so as to focus on the prime assets it currently has in its portfolio.