Saint Croix buys Crisalis office building near Madrid’s Airport

Spanish REIT Saint Croix has purchased Madrid’s Crisalis building from IVG Immobilien AG. Located 5km west of the Adolfo Suárez Madrid-Barajas airport, on Calle Juan Ignacio Luca de Tena nº 17, the building fronts the busy A-2 motorway and has 8,822 m² of offices and 166 parking spaces. Saint Croix plans to reposition the building in the following months. The buyers were advised by Savills Aguirre Newman. The Crisalis building was developed by Lar Grosvenor in 2001 and designed by Allende Arquitectos and has received various awards including ‘Best New Building 2001’.

In October 2018, Saint Croix Holding Immobilier, SOCIMI, S.A. announced earnings results for the first nine months of the year of €13,850,069 compared to €13,346,201 for the same period a year ago. EBITDA was €12,195,167 compared to €12,139,806 for the same period a year ago and net profit was €8,232,395 compared to €8,252,471 for the same period a year ago.

The company considers that 2018 will continue to be positive in terms of maintaining the terms of long-term leases, as well as the new acquisitions made by the Company. The outlook is therefore positive, taking into account the long-term lease contracts with top quality tenants in the hotel, offices and commercial sectors, guaranteeing the viability of the business in the medium and long term.

About Saint Croix Holding Immobilier SOCIMI S.A.

Luxembourg-listed Saint Croix Holding Immobilier, SOCIMI, S.A. was incorporated on the 1st December 2011 under the Law of Luxembourg and duly registered in the trade and companies register of Luxembourg under number B165103. In 2014, it moved its fiscal and administrative domicile to Spain to take on Spanish REIT (SOCIMI) status while retaining its original Luxembourg listing.

The majority owners of the fund are the members of the Colomer family who also own historic property developer Pryconsa. The Company specializes in acquiring and developing commercial offices, medical offices, hotels, senior housing, and industrial properties. In 2013 it merged its two fully-owned SOCIMI subsidiaries with its unit CIBRA (Compañía Ibérica de Bienes Raíces), also absorbing another holding CIRU (Compañía Ibérica de Rentas Urbanas).

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