The French SCPI Iroko ZEN, advised by Iroko Iberia, has acquired the office building located at 49 Avenida de la Industria, in Alcobendas, Madrid. The property is fully leased to Konecta, which uses the building as its corporate headquarters.
The building has a long-term lease with a 12-year mandatory term, providing visibility on future rental income. The property also holds LEED Gold certification and is situated in an established business district in the north of Madrid, with links to the metropolitan area’s main transport routes.
The transaction was brokered by BNP Paribas Real Estate, which also advised the buyer during the due diligence process and in the negotiation of the sale and purchase agreement.
The acquisition forms part of the growing activity in Spain by French SCPIs, property investment vehicles financed mainly by private investors through banking networks, wealth managers and digital platforms. Over the last 24 months, these structures have increased their presence in the Spanish market, particularly in transactions focused on assets with stable lease agreements.
“This transaction reflects the growing influence of French capital in the Spanish property market. We are also seeing SCPI investors returning with interest to the office sector after a 24-month hiatus, driven mainly by the risk premium still offered by out-of-city offices”, said Benjamin Gómez, Head of Office and Retail Capital Markets at BNP Paribas Real Estate Spain.
The executive added that “demand pressure on prime assets and the limited supply in Madrid’s most established areas continue to drive up both rents and yields”. According to Benjamin Gómez, this trend extends to well-connected locations outside the M-30 ring road and to established business parks, where investors find assets with long-term leases.
In the transaction, the buyer was advised by Iroko Iberia, Gómez-Acebo & Pombo, Arcadis and BNP Paribas Real Estate. Andersen and Hmás acted on behalf of the seller.
