Mapfre expands its footprint in the Madrid office market. The insurer has bought the property located at number 14 Paseo Imperial in the Spanish capital from Dazeo, as reported by various media.
The building is occupied by the Monday coworking company, owned by the Urbania group. It is located in the Arganzuela district, in the Madrid Río area. The building has 3,500 sqm, spread over five floors and has the capacity to house up to 500 people. The transaction would be around 16 million euros.
Monday is the subsidiary dedicated to shared workspaces of the real estate investment and management firm Urbania. The Paseo Imperial building was the building with which the company began its journey in Madrid. Recently, Monday announced the opening of the second flexible office space center in the Spanish capital, specifically in the Chamberí neighborhood. The new center will have 2,500 sqm distributed in a total of seven floors; its opening is scheduled for early 2022.
At the end of September, Mapfre had a portfolio of real estate assets valued at more than 3,100 million euros. The insurer also participates in two joint ventures for this type of investment: GLL, established in 2018 together with the Australian financial giant Macquarie and dedicated to investment in offices and the second together with the Swiss insurer Swiss Life, which manages the purchase. of emblematic buildings. Mapfre's real estate assets represent 5% of the group's total investments and treasury.
For its part, Urbania has a project portfolio valued at more than 1,300 million euros. His areas of expertise include: the development of large land projects, residential development for sale and rent, management of student residences and coworking spaces. The company has a staff of more than 175 professionals and is currently present in Madrid, Barcelona, Malaga, Ibiza, Portugal and Fortaleza (Brazil).