Cain International, the privately held real estate investment firm operating in Europe and the United States, has acquired two adjacent office assets in north Madrid from Schindler Group and Acciona.
Comprising a total of 28,000 sq m of office accommodation, the two buildings are part of a four-building complex in Albatros Business Park, Alcobendas, north of Madrid’s CBD. The assets benefit from 562 car parking spaces, strong transport links to Madrid’s city centre, and close proximity to Madrid’s international airport. Acciona is the primary occupier across both buildings.
Cain International’s partner on this transaction is FREO Group, with whom it already holds a number of Spanish assets in joint venture. This includes the recently acquired portfolio of eight office parks in Madrid and Barcelona, as well as a 15,000 sq m Class A office development in the 22@ district of Barcelona.
Nicole Valmar, Vice President of European Equity Investment, said:
“Having already built a portfolio of nearly €500m since we entered the Spanish market towards the end of 2018, this latest transaction is a strong endorsement of our confidence in the opportunities presented by the region.
“This sub-market of Madrid is particularly attractive owing to its strong transport links and easy access to the prime residential areas of La Moraleja and Alcobendas, and with increasing rents and limited vacancy in the CBD and south of the city, it is set to experience further growth.”
Cain International and FREO Group were advised by Herbert Smith Freehills LLP and Savills Aguirre Newman. The vendor was advised by CBRE. Financing for the transaction was arranged by Starwood Property Trust, Inc. (NYSE: STWD), Starwood European Finance Partners Limited.