CBRE Global Investors buys Repsol office in Méndez Álvaro for €47M

LaSalle Investment Management bought the property in early 2019 and has sold to CBRE Global Investors achieving capital gains of €10.5 million in less than a year. Savills has acted as advisor to the buyer.

The property, on nº 23 General Lacy, was the headquarters of Aguirre Newman which vacated the premises after being acquired by Savills in early 2018. In December 2018, Repsol relocated over 400 employees to the property, following their acquisition of Viesgo’s gas and electricity retail business and their unregulated low-emissions electricity generation businesses from Macquarie and Wren House, for €750 million.

LaSalle I.M. purchased the property from Royal Metropolitan for €32.5M and has invested c. €4 million euros to reposition the building which has gained Leed Platinum Core & Shell certification.

The Méndez Álvaro neighbourhood, between Atocha and the M-30, is enjoying strong investor interest and houses the headquarters of various companies. Since 2013, Repsol’s main headquarters are located in Calle Mendez Álvaro nº 44, less than 850m from the property which CBRE Global Investors has bought. Other companies have opened offices in the area, including Amazon, Adif, Mahou, CLH and Ericsson. In addition, Acciona plans to install its corporate headquarters in the area and Colonial is also developing a business complex.

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