Amundi completes first office acquisition in Spain.

Amundi Immobilier has completed the acquisition of the El Pórtico building from Union Investment. The property was acquired by Amundi on behalf of various funds which they manage including SCPI Rivoli Avenir Patrimoine, Edissimmo (39%), and Génépierre (14%) of which they own a 47%, 39% and 14% share respectively. Amundi is understood to have paid over €110M for this acquisition.

El Portico is 98% let and let to 9 tenants including Pullmantur and Beam Suntory. It has 20,300 m² of office space and 400m² of retail space and is located in Madrid’s Campo de las Naciones and enjoys an excellent location fronting the M40 highway. Designed by SOM and Rafael de La-Hoz and completed in April 2005, the property won the prize for Best Business Center at MIPIM in 2007.

Amundi Real Estate has been advised by Jones Day on legal matters, Gide and CuatreCasas on tax issues, Arcadis on the technical due diligence and L’Etoile Properties as a property consultant. Union Investment received legal advisory from Hogan Lovells and CBRE  who had the exclusive sale mandate.

Following the acquisition of Pioneer, Amundi is Europe’s largest asset manager with 1.4 trillion euros of assets under management (as at March 31, 2018) and ranks in the top 10 globally, according to IPE’s «Top 400 asset managers” published in June 2017 and based on AUM as of December 2016. The fund manager has more than 4,700 employees located in 37 countries.