After its first two investments in Spain, the French socimi Iroko Zen has just acquired an office asset located in the heart of Madrid.
The asset enjoys a good location in the heart of the financial district of the Spanish capital, on a street parallel to Paseo de la Castellana, located on the ground floor and the first floor of a larger building complex that was completely renovated in 2021. With an excellent visibility the building counts with three facades and main access through Agustín Betancourt street, and it has an approximate area of 780 sqm as reported by idealista/news.
The property is rented entirely by the Ministry of Inclusion, Social Security and Migration under a new rental contract with a firm commitment period of 5 years. These offices will generate rental income for Iroko Zen of more than 200,000 euros per year.
In accordance with its diversification strategy, Iroko made its first investment outside of France in July with the acquisition of a Dia supermarket located in the center of Barcelona. The establishment is located at number 244 Calle Rocafort, in the Eixample Izquierdo district, and will be leased to Dia until 2038. The group also sealed in December the purchase of its second asset in the Spanish market, located in the city of Avilés, in Asturias, operated by the Dia supermarket chain.
With this movement, the company wants to become "a real estate investment group with a European scope".