IBA Capital Partners has acquired the MBOne office building from Grosvenor in La Moraleja business park, in Alcobendas, Madrid, through an investment vehicle managed by the firm and backed by a group of investors. The financial terms of the transaction have not been disclosed.
The property, built in 1992 and subsequently refurbished, provides more than 22,000 sqm of lettable space, distributed across floors of around 5,000 sqm, as well as 829 parking spaces. It also includes more than 1,900 sqm of semi-basement space for communal areas, services and other associated uses, together with terraces and landscaped outdoor areas.
IBA Capital will implement a CapEx programme to optimise the asset and reduce its energy consumption, with the aim of upgrading its current LEED Building in Use certification from Gold to Platinum.
The acquisition was financed through bank debt provided by CaixaBank. Rubio Laporta and Écija acted as legal advisers, while Arup provided technical advice.
MBOne is located on Avenida de Europa, within La Moraleja, one of northern Madrid’s main business hubs. The business park comprises 17 office buildings and approximately 319,135 sqm of office stock.
IBA Capital Partners’ founding partners, Jesús Valderrama and Thierry Julienne, highlighted the building’s large floorplates and leasing track record as differentiating factors within the submarket. The asset management strategy will focus on upgrading its features and services to meet the requirements of large corporate occupiers.
