Featured in the photo is San Fernando Business Park bought owned by Drago & Starwood since June 2018. Source: Dragocapital.com.
Miami based Starwood Capital Group increases its exposure to the Spanish property market with the acquisition of Autonomy Spain Real Estate Socimi S.A. a Spanish REIT which owns Parque Omega business park and an office building in Barcelona’s 22@ district. With these latest acquisitions, the US fund has deployed €125 million via their JV with Drago.
Parque Omega is a 33,000m², 4 building modern office park located in Arroyo de la Vega in northern Madrid just minutes away from Barajas airport and next to the wealthy suburb of La Moraleja. The other asset included in the deal is a 12,596m² two tower office building with retail space in Barcelona’s technological district, just 5 minutes from the city centre.
As reported by SpanishREIT.com, in June 2018, the US fund bought San Fernando Business Park (in San Fernando de Henares, Madrid) for €120 million with Drago acting as a minority partner. The property, which was sold by OakTree, has a GLA of 87,000m² and was built in 1992 and extended in 2009. Tenants include Coca Cola, Indra, Mitsubishi, Volvo and Continental and is 71% let.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a primary focus on global real estate. Founded in 1991 by Barry Sternlicht, the Firm has raised $45 billion of equity capital and currently has in excess of $60 billion of assets under management. Over the past 27 years, Starwood Capital has acquired $97 billion of assets, including properties within virtually every major real estate asset class. The firm today has approximately 4,000 employees and including affiliated operations, the Firm maintains offices in Miami (Headquarters), Arlington, Atlanta, Chicago, Dallas, Greenwich, Los Angeles, San Francisco, Washington, D.C., and affiliated offices in Amsterdam, Hong Kong, London and Luxembourg.
About Drago Capital
Drago is an investment and property management platform which operates in Spain and Portugal since 2001 and in Miami since 2017. The company launched Spanish REIT, Azaria Rental SOCIMI, S.A., this year and from the beginning, it has completed transactions amounting to more than €3.7 billion working with important foreign and national institutional investors. Over these years, it has launched and managed 17 investment vehicles which include more than 1,990 properties. Among the assets acquired are retail and office buildings, residential properties, commercial premises, tourist apartments and hotels.