Colonial sells offices in Madrid to a family office for €300M

Colonial sells offices in Madrid to a family office for €300M
Calle Almagro 9, Madrid

The socimi has sold three office buildings in the prime area of Madrid to the Vapat family office. The transaction has been closed for 300 million euros, according to El Confidencial.

In total, Vapat has acquired assets totalling 35,000 square metres of gross leasable area (GLA) on the Castellana axis, including the property at number 9 Calle Almagro, a completely refurbished building of 15,094 square metres, eight floors and 201 underground parking spaces.

These sales are part of the divestment plan that Colonial intends to carry out during the first months of the year, through which it expects to close operations worth around 500 million euros.

Colonial has already carried out some divestments at the end of 2022. In mid-November, it sold the building located at 27 Sagasta Street in Madrid to Persepolis Investments to build luxury flats. Specifically, the management company paid 25 million euros for a property of more than 5,000 square metres.

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