The transaction, closed by Blackstone, includes 5 office buildings in Madrid from Ilunion’s portfolio, namely the Mizar building and Torre 30 building, both in Albacete street; Pechuán 1 building, next to Príncipe de Vergara, and the CA5 and Torre Oasia buildings, located in Azcárraga street also in Madrid, with a total combined area of 31.000 sqm.
For Zurich, the deal allows it to «take advantage of the Madrid office rental market’s positive evolution and to expand Zurich’s real estate portfolio with high value buildings in central locations with great demand», quotes El Economista.
Blackstone maintains its asset rotation strategy, divesting part of Hispania’s portfolio, which it bought last year through a takeover, becoming Spain’s largest hotel owner.
