MAB-listed Spanish REIT, Trajano, has sold the Parque Empresarial Isla de Manoteras to BNP Paribas, after having paid €44.3 million to buy it in 2016.
The grade A office property was developed in 2009 by BAMI and is located in Manoteras, a proven office submarket where various companies have operations including Knauf, BMW, Zeppelin, La Caixa, Lafarge Holcim, Iberdrola, CGI, RDT, Hoist Finance, Clece, Unisono, Everis, Hilti, BOE, Blackberry and Aviva.
The district is close to Madrid’s CBD and is set to benefit from the Madrid Nuevo Norte urban regeneration project. This development project which is backed by the town hall, the state-owned railway company and a JV (between local developers, BBVA and Grupo San José) is set to unite the city’s northernmost quarters, renewing some strategic elements such as the Chamartin railway station which will be connected to the airport to become the city’s main transport hub in the north.
Historically, Chamartin’s railway tracks have split northern Madrid into two separate areas however the project plans to straddle the divide by burying these tracks and creating a tunnel for road traffic and a pedestrian and cyclist footbridge that will connect the streets of Manoteras and the district of Fuencarral.
Manoteras currently boasts excellent public transport connections including metro, bus and train stations. In fact, the business park is approximately 3-minutes walking distance from Fuente de la Mora metro and train station. Furthermore, the area benefits from easy access to the main roads in Madrid (M-11, M-3O, A-1) and the Airport, is less than 10 minutes’ drive.
The 13,442m² asset is fully-let asset under a triple net agreement to Sopra Steria, an IT consultancy firm founded in 1968 which is based in Annecy (France) and listed on the Euronext Paris stock exchange.
Managed by DWS, the property fund was listed in July 2015 and is majority owned by Alicante-based businessmen Juan and Pedro Alcaraz (founders of Goldcar) who own a 10.55% stake through their holding company, Alcor.
Last year, the majority shareholders hired Credit Agricole to attempt to the sell the vehicle which was comprised of 5 assets valued at €326.5 million (2 shopping centres, 2 offices and a logistic platform in Zaragoza). There were no bidders for the complete portfolio and finally DWS and Trajano have hired Cushman & Wakefield to sell their office property in Madrid.