Colonial sells an office building in Madrid to InmoCaixa

Colonial sells an office building in Madrid to InmoCaixa

Colonial is moving forward with its divestment strategy. The company has closed the sale of an office building in the Arroyo de la Vega business park, in the Madrid municipality of Alcobendas. The asset was acquired by InmoCaixa, CriteriaCaixa's real estate subsidiary.

The asset in question has a surface area of 17,400 square metres and has BREAAM Very Good and LEED Gold sustainability certification, obtained by Colonial after carrying out a refurbishment of the building. The asset currently has an occupancy rate of 83%, with top tenants in their respective sectors.

The transaction has been advised by BNP Paribas Real Estate, Cuatrecasas and Roca Junyent on the legal side, Deerns on the technical side and Deloitte on the commercial valuation advice.

Following this transaction, the only one beyond the M-30, the company has completed a new divestment in line with its "flight to quality" strategy. This has led Colonial to divest more than 500 million euros in the Madrid and Paris markets. Inmocaixa continues to grow by investing in the Madrid office market.

InmoCaixa, the CriteriaCaixa subsidiary, is responsible for managing the real estate assets of the La Caixa Foundation. Its portfolio of assets exceeds 2,700 million euros and is distributed throughout Spain. InmoCaixa's strategy focuses on maximising value through the development of real estate assets, property rental and the active divestment of non-strategic properties.

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