HNA buys Torre Mízar in Madrid for €36M

HNA buys Torre Mízar in Madrid for €36M

The Mutualidad de los Arquitectos, Arquitectos Técnicos y Químicos (HNA) has closed the purchase of Torre Mízar from Zurich for 36 million euros, according to Expansión.

This property once belonged to Hispania's office business, which was inherited by Blackstone after the takeover bid it launched for the Socimi in 2018. Part of these offices was acquired a year later by Zurich.

The property is located at calle Albacete 3A and 3B, and has a total surface area of 7,350 square metres spread over seven floors above ground. In addition, the building has 125 parking spaces below ground level.

The Mizar building is fully leased. Among the tenants of the building is Ilunion, which in turn has subleased most of the space to Hipoges.

The international consultancy firm RPE Capital Markets has advised HNA on the purchase, which expands its portfolio of value-added real estate assets in consolidated locations in the capital. The deal comes at a time of reduced investment competition and price adjustment, driven by rising interest rates and uncertainties about the country's macroeconomic performance.

HNA already owned two other properties in the area: the Murano building at Calle Torrelaguna 60, acquired in 2019, and the Cemex headquarters at Calle Hernández de Tejada 3-5, purchased in 2016.

The building, which faces the M-30, is located just a few metres from the exit of the A-2 Northeast highway (Avenida de América) and is located ten minutes from the centre of Madrid with a direct connection to Adolfo Suárez Madrid-Barajas airport.

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