Photo Collected From Google Maps
The Príncipe de Vergara 108 in Madrid, a modern 12-floor building has a total of 7.324 sqm and 68 underground parking spots. This is one more asset Blackstone inherited from Spanish REIT Hispania in 2018.
The operation had already been announced in October by El Economista, but up until then, it was under due diligence. This Monday Property EU advanced that the process had been concluded.
With this acquisition, UBS will reinforce its portfolio in Spain which already has 22 assets estimated at 904 million euro. The office segment represents the largest share of this portfolio with 65% (30% concern shopping centres and 6% logistics). Madrid is also the city where the Swiss management company concentrates most of its investments (49%), followed by Barcelona (28%). The other Spanish cities represent 23% of all the company’s capital.
On expectations concerning next year, Gunnar Herm, Head of Research & Strategy Europe at UBS Asset Management Real Estate & Private Markets (UBS-AM REPM) commented to Iberian Property magazine that, «we remain positive for the Spanish market in the medium-term given that the macroeconomic forecast is positive after a very tough year in 2021. We do see strong potential for growth in the next few years given this market has normally offered higher returns compared to other European countries like the UK, France or Germany. 2021 might be the year for the counter-cyclical investor», he resumed.