IBA Capital acquires the headquarters of Madrid's Family Courts for €60M

IBA Capital acquires the headquarters of Madrid's Family Courts for €60M
Gervas 10, Madrid

IBA Capital, through its socimi Zambal, has completed the acquisition of an office building located at calle Francisco Gervás 10, in Madrid, for approximately €60 million. This building, previously owned by Blackstone's Tailor Propco, is located near Paseo de la Castellana and has a surface area of 7,954 square metres, spread over 14 floors above ground and three basements including 168 parking spaces. The building is currently leased to the Department of Justice and the Interior of the Community of Madrid, where the Family Courts are located.

According to information provided by Zambal to BME Growth, the lease agreement with the Community of Madrid runs until 2031, with the possibility of an extension until 2035. The purchase transaction by Zambal involved an initial outlay of approximately €39.3 million, using the company's own funds, with deferred payments of €10.25 million after 48 months and a further €10.25 million after 60 months from the completion of the sale and purchase, totalling €59.8 million.

The founding partners of IBA Capital, Jesús Valderrama and Thierry Julienne, have described the deal as "magnificent", highlighting IBA Capital's ability to generate core+ investment strategies and reaffirming its commitment to the office sector in strategic and intrinsically valuable locations.

On the legal side, IBA Capital was advised by EY's real estate legal team on the transaction. Firms such as CBRE, Pérez Llorca and Deloitte also participated in the transaction, carrying out the various analyses and due diligence (financial, tax and technical) for the buyer.

Savills Aguirre Newman was the company in charge of managing the sale process, representing the seller.

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