The yield of this new bet from Patrizia is already guaranteed, since the 15.000 sqm building (which has a further 176 parking spots) is currently occupied by a telecom company which should continue to occupy it, since, according to a release from the company, it signed a long-term lease.
For Eduardo de Roda, Country Manager at Patrizia in Iberia, «this operation shows our clear and continuous bet on the Spanish market and the dynamic Madrid office segment. The location of this building, its excellent transport connections and the strength of its current tenant make it an exceptional asset and an excellent addition to our Iberian portfolio. We are confident we can continue generating first-class operations such as this for our institutional clients in the future».
Although the seller’s name was not disclosed, the release advanced that consultant Knight Frank advised the operation.
This transaction increased Patrizia’s office portfolio to 91.000 sqm, which is now estimated at 370 million euro. According to the document, the office segment alone represents one-third of the company’s operation in Spain.