Ibervalles buys an office building in Madrid from Allianz

Ibervalles buys an office building in Madrid from Allianz

Ibervalles Socimi has purchased from Allianz Seguros an office building in the financial heart of the city of Madrid, as reported by the company to BME Growth.

Specifically, the company has acquired the property located at number 27 Avenida del General Perón, in the district of Cuatro Caminos, in the district of Tetuán.

The building acquired by Ibervalles, a socimi owned by the Isidro Rincón family, has more than 7,000 square metres divided into 13 floors.

The company plans to "intervene in the asset to bring it up to ESG quality standards in order to offer the market a premium office offering".

According to Ibervalles, a company mainly dedicated to the purchase and management of office properties in consolidated areas of Madrid and Lisbon (Portugal), the acquisition of the building has been partially financed with an existing credit facility.

The transaction was brokered by the real estate consultancy BNP Paribas Real Estate. DLA Piper and Gleeds advised Ibervalles and Uría Menéndez advised Allianz.

Javier Isidro Mosquera, CEO of Ibervalles, said that "the acquisition of this asset is in line with the socimi's investment parameters, the demands of the office market and the current macroeconomic context".

Benjamín Gómez, director of offices at BNP Paribas Real Estate, commented that "the renovation of this asset will put a unique piece on the market, both in terms of location and size, as well as the quality of the refurbishment".

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