Global real estate management company PatriziaAG will close the year in Spain with new contracts and lease renewals corresponding to 200.000 sqm. This represents one third of its current portfolio in the country. The total assets managed by Patrizia in Portugal and Spain surpass 1.3 billion euro.
Despite 2020 having been an economically complex year throughout the world, due to Covid-19, the logistic, office and retail portfolios’ occupancy rate is set at 97.5% and within the logistic segment it reaches 100% thanks to three new contracts signed this year with world class tenants.
In the office segment, Patrizia signed new leasing contracts in Spain during 2020 which include agreements to lease two areas with 1.140 sqm and 1.866 sqm respectively in two assets – the latter, one of the most important contracts within the Madrid market during the last quarter of the year -. Patricia also signed a long-term renewal leasing contract for 10.360 sqm with a big corporate tenant.
Alberto González de las Heras, Managing Director, Head of Asset Management for Southeast Europe at Patrizia, stated that «the combination of a profound knowledge of the market with the proximity of our assets allowed us to navigate the complicated market created by Covid-19. We are now anxious to start the new year with solid occupancy rates and with our relations with our tenants in good shape, while maintaining the solid and trustworthy returns our institutional clients are used to receive from us».
Patrizia’s asset management team in Spain also concluded a series of development and rehabilitation projects in the country which provided added value to its assets. For example, the company has just signed a housing project in Madrid, the development of a commercial asset in the same city’s Gran Vía and has started the construction of two office buildings in Barcelona. The team managed by González de las Heras also obtained the necessary permits to move forward with four similar projects in the coming months.