A few days before the end of the year, the French group Primonial REIM has closed the sale of the campus of the European University in Alcobendas, a Madrid municipality that is home to elite housing developments such as La Moraleja and boasts one of the highest per capita incomes in Spain.
The property is leased long term to The European University of Madrid, which was founded in 1995 and acquired in 1999 by Sylvan Learning Systems (now Laureate Education Inc). The university has campuses in the regions of Madrid, Valencia and the Canaries and is a member of the Laureate International Universities network which has over 60 education institutions in 20 countries and over one million students.
The building, with 14,867 sqm of gross leasable area, was completed and delivered in 2014 by Montepino, a Zaragoza based property company, who then proceeded to sell it to Primonial REIM in 2018.
The Alcobendas campus has a single building raised on two basements, a ground floor and three upper storeys. The property complex, specifically developed for the needs of its tenant, has obtained the “LEED Silver” environmental certification.
The new owner of this complex is the family office of businessman Wolfgang Kiessling, who has a track record of 45 years investing in the attractions business, founding the Loro Parque and Siam Park complexes in Tenerife.
BNP Paribas Real Estate has advised the transaction on behalf of the seller, making this the 7th major deal of the year in which the team advised Private and Institutional Investors on the office sector.