Invesco has sold Torre Spínola to Spanish insurance firm Hermandad Nacional de Arquitectos for €51M, less than a year after having bought it for €37M. Invesco purchased the property fully renovated but highly vacant and has sold the property fully let with tenants such as Marco de Comunicación, EDP, Silicon Gears, Adidas for padel, OPD Energy, Silicon Gears, Walmeric & Azucarera amongst others.
Invesco hired Knight Frank to manage the sale process as well as lease the asset. The London-based consultant also advised Invesco on the purchase and has managed to rent the asset to its entirety in 18 months.
The office is located in Madrid’s Chamartín district and comprises a total built area of 8,875m² including 135 parking spaces. Before Invesco’s acquisition, LAR had invested around €9 million to carry out a full-scale refurbishment of the property including stripping out all the internal elements on the property’s above-ground floors, leaving only the structure intact, and replacing all its internal systems, such as HVAC, plumbing, electrics and lifts. The façade that fronts the M-30 was also given greater visibility.
Major energy efficiency improvements were also achieved at Torre Spínola, obtaining the ‘Very Good’ Breeam rating for “New Construction”. This world-renowned sustainable building certification is granted by the leading firm in this type of property classification. The result of this complete refurbishment of the asset is a more flexible and versatile building with more modern and efficient equipment. The property boasts LED lighting, a VRV climate control system, bicycle parking and CCTV systems, amongst others.