Acciona buys 4 office buildings in Madrid to transform into BTRs

Acciona buys 4 office buildings in Madrid to transform into BTRs
Satellite view of the office building block acquired by Acciona

Acciona has signed one of the most important deals of the year in the north of Madrid. The real estate arm of the construction and energy group controlled by the Entrecanales family has acquired four buildings owned by Mapfre and Iberdrola located between Lezama, Llodio, Xauradó and Orduña streets, in the Fuencarral-El Pardo district. The transaction has been closed for between 60 million euros and 70 million euros, according to El Confidencial.

This operation reinforces Acciona's commitment to the northern area of the capital. Last June, the company acquired a bag of land in the Malmea-San Roque-Tres Olivos area, where other real estate companies such as Aedas Homes and Pryconsa are also present. In addition, in September 2022 it also closed the purchase of between 180,000 and 250,000 square metres of land in La Solana de Valdebebas, in the district of Hortaleza, where it plans to build 50 single-family homes and another 90 multi-family homes.

Acciona's strategy with the recent transaction involves repositioning the 30,000 square metres of land that make up the four assets for Build to Rent, as the buildings are suitable for residential use. This will provide a significant boost to the supply of housing in the area, which is set to become Madrid's new science city and where various developments are already planned that will transform the area for good.

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