December proved to be a dynamic month for the Madrid region, confirming both the depth of investor appetite and the city’s capacity to attract capital across multiple asset classes. According to Iberian Property estimates, 38% of the total volume of investment in Spanish real estate was channeled to Madrid during December. The market combined solid transactional activity with the launch of major sales processes and several milestones in the development pipeline sends a clear signal that Madrid remains one of Europe’s most liquid and resilient investment destinations.
Office assets once again dominated investment volumes, underscoring the sector’s recovery and its growing appeal among both institutional and corporate buyers. One of the most significant closings of the month was Mapfre’s €110 million acquisition of the Ombú office complex from Acciona. Located at Calle Ombú 6, the 14,000 sqm fully refurbished asset consolidates Méndez Álvaro’s status as one of Madrid’s most dynamic business districts, where sustainability credentials, connectivity and scale continue to attract long-term capital. The transaction followed closely Colonial SFL and Andbank’s acquisition of Naturgy’s headquarters at Avenida de América for more than €80 million, a deal that further highlighted investor appetite for prime, well-located corporate offices with stable occupier profiles.
December also confirmed the sustained interest in office repositioning and future residential conversion strategies. Abauco’s €25 million acquisition of two Telefónica office buildings at Alcalá 552 and Miguel Yuste 54 illustrates this trend, with the telecoms group set to remain as tenant in the short term before the assets are vacated and redeveloped. Similarly, Cartera de Inversiones Prime’s purchase of 2,000 sqm on Calle Jacometrezo adds to the growing pipeline of central Madrid office-to-hotel conversions, a segment that continues to gain traction as hospitality demand and urban tourism remain strong.
The residential and living sectors once again provided a solid base of transactional activity. Stoneweg’s €81 million acquisition of the Skyline Tower in Tetuán stood out as one of the most emblematic deals of the month, reinforcing investor confidence in large-scale urban regeneration areas and high-density residential formats. In parallel, Argis continued to expand its residential footprint through the acquisition of 412 apartments in Madrid as part of a broader portfolio purchase from Acciona (a process initiated in November), while Meridia’s €160 million acquisition of Skaypark Valdebebas further confirmed the strategic relevance of new urban developments aligned with Madrid’s long-term growth corridors. Smaller transactions — including Impar Capital’s purchase of Velarde 1 and Ktesios’ acquisition of a residential block in Ciempozuelos — reflected a sustained inflow of capital into both prime central locations and peripheral rental markets.
Logistics investment, while more selective, delivered one of December’s most relevant industrial transactions. DWS acquired a 43,300 sqm logistics asset in San Agustín de Guadalix for €53.5 million, a BREEAM Excellent-certified brownfield development with strong leasing momentum. The deal reinforced Madrid’s position as Spain’s most liquid logistics hub, particularly for modern, ESG-compliant assets located along key distribution corridors.
Retail and hospitality also contributed to the year-end activity. BN Capital Partners’ acquisition of the Colmenar Viejo retail park project highlighted continued interest in dominant, convenience-led retail formats, while Avintia’s sale of a B&B Hotel in Fuenlabrada to a family office marked the successful completion of a promote–lease–sell cycle and underlined the growing role of private capital in Spain’s mid-scale hotel segment. Additional high-street retail interest was evident with the transaction on Ortega y Gasset 10, reaffirming the resilience of prime retail locations despite structural shifts in consumption.
Looking ahead, the pipeline entering 2026 points to continued momentum for Madrid. Large institutional processes already underway include a €600 million residential portfolio of 2,300 free-market homes being marketed by Ares Management on behalf of HOOPP, alongside the €210 million Aloft Gran Vía hotel and retail portfolio. Offices also feature prominently in the forward pipeline, with assets such as MB One, Los Cubos and Jorge Juan 6 progressing towards market, while Henderson Park’s activity across office and retail underlines the depth of investor liquidity heading into the new year.
Disclaimer: Iberian Property followed the criteria of deal announcement dates. Official signing and completion may be subject to due diligence processes.
