Ardian buys the old Cetelem headquarters in Madrid

Ardian buys the old Cetelem headquarters in Madrid
Retamar building in Mendez Álvaro, Madrid

The French manager has bought Cetelem's old headquarters from BNP Paribas, located on Calle Retamar in Mendez Álvaro, one of the business areas with the highest demand and growth in Madrid.

Although the parties didn't reveal the purchase amount of the purchase, sources close to the transaction set the figure for the transaction at around 50 million euros. Ardian has been advised by Savills Aguirre Newman and EY Abogados, while BNP Paribas has had the advice of BNP Paribas Real Estate, Pérez Llorca and Gleeds.

The building, with an area of 13,200 sqm spread over 15 floors and with 225 parking spaces, is currently 30% occupied by Unión de Creditos Inmobiliarios (UCI), the joint venture of Banco Santander and BNP Paribas, which will leave the property at the end of next year.

It will be then that Ardian will undertake a profound reform plan betting on sustainability and which, once completed, will allow the building to be leased to a new tenant, or to several, given the flexibility that it wants to give the asset.

The Retamar building, built in 1993, has been occupied by Cetelem, BNP Paribas financing trademark, until it moved to the North Building of the Río 55 Business Park in Madrid. After the summer, the group decided to start a competitive sale process in which nearly seventy investors have taken an interest and which has closed in three months.

«The purchase of this building reinforces our commitment to Spain. It represents a unique opportunity to acquire a highly visible asset within the M30, in a location with high development potential and with the opportunity to actively manage the property to turn it into a building of the future», explains Edmund Eggins, director of the Ardian Real Estate team in Spain.

For Borja Ortega, CEO of BNP Paribas Real Estate, the transaction demonstrates the interest that the Madrid office market continues to generate for the main national and international players.

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