Ardian buys an office building in Madrid

Ardian buys an office building in Madrid

Ardian has closed its first real estate investment in Spain, with the off-market acquisition of an office building in Madrid, a transaction that counted with the participation of EY Abogados (legal and tax), EY Strategy & Transactions (commercial), Cuatrecasas y Chiomenti (tax and structuring), Metier Spain (technical) and HolArquitectura (architecture). 

The property is located near AZCA, the historic financial center of Madrid, one of the main communication hubs in the city, and currently houses the Spanish headquarters of several multinational companies, such as EY, Deloitte, Google and Accenture.

This office building, built in 1992, has about 10,000 sqm of rental space and includes more than 150 parking spaces. The property is occupied by a single institutional tenant. The building has high ceilings and has plenty of natural light, as well as ample outdoor space. These factors make it an attractive building for occupants. The team will work with the tenant to identify investment priorities in the property within the framework of their management strategy.

The investment has been carried out through the creation of a dedicated investment platform controlled by an Italian real estate Sicaf, wholly owned by Ardian and managed by Prelios SGR.

Ardian formally began its real estate activity in Spain at the end of 2019, when it entered the market. This transaction fits perfectly with the vision and priorities of Ardian Real Estate, as the asset offers the fund great flexibility. The fund's strategy is based on value creation and focuses on assets that require active management, to improve facilities, asset performance and ultimately support them to realize their full potential.
Edmund Eggins, Director of the Ardian Real Estate team stated: "We are very pleased to announce our first investment in Spain. The characteristics of the building and its central location are in line with our strategy. The Spanish market for investment in offices continues to be very attractive. Our work will continue to focus on applying sustainability to management and meeting the needs arising from the pandemic with the goal of creating workspaces that are tailored to the current and future needs of tenants. "

Rodolfo Petrosino, Head of Southern Europe at Ardian Real Estate, added "We are delighted to launch Ardian Real Estate's investment activity in Spain with this acquisition. Spain is a key market for us, and we look forward to growing a top-notch portfolio of assets in Madrid and Barcelona. "

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