Inovalis buys offices from Merlin in Alcobendas for €31.5M

Inovalis buys offices from Merlin in Alcobendas for €31.5M

The Socimi Merlin Properties has made cash again days after closing the super sale of its portfolio of branches to BBVA. On this occasion, Merlin has closed the sale of an office building in Alcobendas to the French group Inovalis.

The operation has been closed for around 31.5 million euros, that is, 2,900 euros per square meter. The property is located at number 9 Francisca Delgado street, in the Arroyo de la Vega business park, beyond the M-30.

The asset has a gross leasable area of ​​10,890 square metres, in addition to 250 parking spaces, with 100% occupancy. Built in 2001 and recently refurbished, among its tenants is the technology company Indra.

Sources in the sector have explained that the rents for the property are above 12 euros per square meter per month. Innovalis will obtain an annual return of between 5% and 5.5% with this transaction. The same sources explain that Merlin Propertis is holding open talks for divestments in assets located in decentralized areas, mainly beyond the M-30 in Madrid.

"These are operations that are being carried out off the market, because Merlin has a strategy to reduce its office park in secondary areas," they add. Cuatrecasas, Bureau Veritas and Savills advised the transaction.

Inovalis has carried out the operation through its reit or socimi listed in Canada. The company was founded in 2013 to invest in the French, German and Spanish office markets. It has fourteen assets, which have a value of 470 million euros.

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