New Windows Group (NWG), the family office controlled by Milagros Reyzábal, has purchased the Aries office building in the heart of the city of Malaga in Andalusia. The well-known asset is situated close to the María Zambrano high-speed train station as well as the Larios and Málaga Plaza shopping centers, and surrounded by multiple restaurants. Built in 2001, its address is Avenida de la Aurora 69.
The offices are fully let and it has a retail unit on the ground floor as well as a provision of parking spaces in the garage. With a GLA of 3,441 sqm, its main tenant is the Junta de Andalucía (the regional government).
The buyer’s advisor, Savills, indicated on the 25th of January 2021 that «this new operation amid a pandemic highlights the interest that exists for the city’s office segment by specialized investors, as it is ranked second in investment in offices in this period, which demonstrates the potential growth of the office market in Malaga».
According to data from the international property consultant, Malaga is the province in Andalusia with the highest rate of new start-ups, and has the most dynamic office market in the region, with a maximum rental level of c. 18.5 euros per square meter. The city has a total of half a million square meters and an occupancy rate of 95%.