The listed company Corporación Financiera Alba, controlled by the family, finalizes the purchase of building number 42 of the Castellana Madrid, until now owned by the German fund DWS, for an ammount of 55 million euros according to Cinco Días.
The real estate arm of Deutsche Bank took over the property fifteen years ago. The property, located in the Rubén Darío area, has 4,500 sqm of surface on eleven floors. Among the tenants of the property is the home developer Aedas Homes.
These assets arouse interest among investors because their owners tend to keep them in their portfolio for long periods of time. The profitability that Castellana 42 will offer will be very moderate, hovering around 3.5%.
The sale operation has been carried out off market and has been advised by CBRE.