IBA Capital should pay €42M for the Icon building in Madrid

IBA Capital should pay €42M for the Icon building in Madrid

The operation should be concluded within the next few days and it will be assessed by Colliers Internacional, on behalf of the seller.

Located in Madrid’s Majadahonda municipality, the building has 10.578 sqm and it is being refurbished according to a project by architecture studio Lamela Arquitetos, estimated at 10 million euro, according to idealista. The refurbishment is expected to be finished by the end of the year.

This will be IBA Capital’s first operation to be concluded this year. The previous operation was the purchase of office building Barajas 1, in Madrid for 37.5 million euro from REIT GMP Property.

The Spanish asset management company currently has an 18 asset portfolio, which includes core, core+ and value-added assets, estimated at 1.000 million euro.

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