Ibervalles Socimi has purchased an office building in Madrid for €40 million. The building is Edificio Arbor, located at Calle de Ulises, 16-18. This new asset, which at the time of acquisition has 100% occupancy, represents an increase of 9,580 sqm in the portfolio of properties managed by the socimi. The company does not plan to invest in the repositioning of the asset, as it was fully refurbished in 2017 and the common areas were refurbished in 2022.
The building consists of two blocks and eight floors connected internally. The surface areas of the first to sixth floors are 1,350 sqm, while the seventh and eighth floors are 740 sqm. It also has 310 parking spaces distributed over four floors below ground level.
Javier Isidro, general manager of Ibervalles, highlights that "this is a strategic acquisition, which does not require repositioning capex and with an occupancy rate of 100%, which allows us to generate rents from the outset that will contribute to the current profitability of our portfolio". The executive also pointed out the company's ability to "find interesting investment opportunities in a market environment such as the current one".