Featured in the photo is San Fernando Business Park bought owned by Drago & Starwood since June 2018. Source: Dragocapital.com.
Miami based Starwood Capital Group wants to gain more exposure to the Spanish property market and intends to deploy €500M in 2019 along with local partner Drago Capital.
In June, the US fund bought San Fernando Business Park (in San Fernando de Henares, Madrid) for €120 with Drago acting as a minority partner. The property, which was sold by OakTree, has a GLA of 87,000m² and was built in 1992 and extended in 2009. Tenants include Coca Cola, Indra, Mitsubishi, Volvo and Continental and is 71% let.
Robert Gibbins, Chief Investment Officer of Autonomy Capital, said, “The sale of the Omega and Pallars office parks underscores Autonomy’s ability to successfully execute on our strategy of acquiring and adding significant value to transformational real estate projects in Spain. I am excited about the growth prospects of the Spanish economy, and look forward to continuing to identify attractive real estate investment opportunities across the country.”
Francesco Zanella, Vice President at Starwood Capital Group, added, “We are excited to add two high quality assets to our Spanish office portfolio, allowing us to further increase our exposure to the exciting office markets of Barcelona and Madrid. We look forward to accelerating the portfolio’s positive letting trajectory through Starwood’s dynamic asset management approach.”
Autonomy Capital was advised by Clifford Chance and CBRE. Starwood was advised by DLA Piper on this transaction.
About Starwood Capital Group
Starwood Capital Group is a private investment firm with a primary focus on global real estate. Founded in 1991 by Barry Sternlicht, the Firm has raised $45 billion of equity capital and currently has in excess of $60 billion of assets under management. Over the past 27 years, Starwood Capital has acquired $97 billion of assets, including properties within virtually every major real estate asset class. The firm today has approximately 4,000 employees and including affiliated operations, the Firm maintains offices in Miami (Headquarters), Arlington, Atlanta, Chicago, Dallas, Greenwich, Los Angeles, San Francisco, Washington, D.C., and affiliated offices in Amsterdam, Hong Kong, London and Luxembourg.
About Drago Capital
Drago is an investment and property management platform which operates in Spain and Portugal since 2001 and in Miami since 2017. The company launched Spanish REIT, Azaria Rental SOCIMI, S.A., this year and from the beginning, it has completed transactions amounting to more than €3.7 billion working with important foreign and national institutional investors. Over these years, it has launched and managed 17 investment vehicles which include more than 1,990 properties. Among the assets acquired are retail and office buildings, residential properties, commercial premises, tourist apartments and hotels.
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