Saint Croix buys two office buildings in Madrid

Saint Croix buys two office buildings in Madrid
Julián Camarillo 19-21, office complex in Madrid

The socimi Saint Croix Holding Immobilier has bought two office buildings in Madrid's MadBit technology district, according to the company chaired by Marco Colomer, which informed the Spanish Securities and Exchange Commission (CNMV) on Thursday. The Socimi counted with the advisory of Savills Aguirre Newman in this transaction.

Specifically, the assets, which are partially leased, are located at 19 and 21 Calle Julián Camarillo, in the district of Simancas, in the San Blas-Canillejas district. The gross leasable office area of both buildings, which have 328 parking spaces, is 13,986 square metres. The Grade A office complex has been recently refurbished and has been awarded the Leed Gold sustainability seal.

Although the amount of the transaction has not been disclosed, according to BrainsRE the average price of the offices in the Simancas district of Madrid is 1,432 euros per square metre, which means that the purchase by the socimi would be around 20 million euros.

"With this acquisition, the company is reinforcing its investment strategy in the office segment by focusing on good locations, sustainable quality buildings and providing innovative real estate solutions that exceed our clients' expectations," said Saint Croix.

The company "is looking for new diversified investment operations that allow it to combine high returns in sectors where it does not currently have a presence with returns of around 5% and 6% with good tenants and medium to long terms, as well as some additional operations of transformation and added value of properties for subsequent rental exploitation", the company stated at the end of the third quarter.

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