Marathon raises exposure to Spanish hotel & office sector

Featured in the photo is Bruce Richards, chief executive officer and co-founder at Marathon Asset Management LP, sourced form Cafe.vn.

Marathon Asset Management LP, which was founded in 1998 by Bruce Richards and Louis Hanover has raised its exposure to Spain with the acquisition of a complex in Madrid which houses an office building and a four-star hotel managed by Grupo Barceló.

The vendor, Credit Suisse Real Estate, was advised by Knight Frank and the property sold for €30M according to Spanish newspaper Expansion.

Located on numbers 19 & 21 of Madrid’s Julian Camarillo district, the complex has a total GLA of 14,000m² and includes an office building with a GLA of 9,100m² with tenants such as e-commerce company Adquira, telephone group Lebara and pharmaceutical company Norgine.

Julián Camarillo district, an old industrial area of ​​Madrid, is being converted into an office hub thanks to the concentration of leading tech companies. In addition, the real estate activity in this area is being reactivated both with new developments and with transactions, such GreenOak’s acquisition of Albarracín 34 in august and Zambal Socimi’s acquisition of Atos’ HQ in Spain in February.

The hotel which was previously known as Barceló Torre Arias (now Occidental Madrid Este) has 108 rooms, four of them junior suites and includes a gym, a sauna and a restaurant.

Leading the Spanish expansion is Alvaro Travesedo, Senior Vice President of Marathon Asset Management Alvaro who studied his MBA at Columbia University. In 2017, they bought La Marina Shoping Centre and Llobregat Centre from Pradera and closed the acquisition of Bahia Azul Shopping Centre in 2015. Marathon, together with Attestor, Bank of America Merrill Lynch, Barclays, Deutsche Bank and JPMorgan, is a minority shareholder of Spanish developer Vía Célere, 75% owned by Värde.