Blackstone invests in Spanish Real Estate

Blackstone invests in Spanish Real Estate

Blackstone continues divestment of Hispania assets.

Grupo hna, a pension and insurance group constituted by the Spanish association of architects has bought an office property on nº 2 Emilio Vargas street in Madrid. The office building currently houses the headquarters of Spanish football league, LaLiga.

Blackstone became the owner of the property following their acquisition of Spanish REIT Hispania and it had a GLA of 7,574 m2 set across seven floors and 124 underground parking spaces with 13 exterior parking spaces.

The buyers were advised by Cushman & Wakefield’s capital markets team. According to the advisor, “the building is highly representative and of the greatest quality in the neighbourhood. It is located in one of Madrid’s fastest growing office zones and boasts a quality tenant with a long term commitment such as LaLiga”.

Earlier this month, Blackstone sold other properties from their Hispania portfolio. In that case the buyer was Spanish REIT Arima, managed by Luis Alfonso Lopez de Herrera-Oria, who bought two office buildings for €62.75 million. These properties were nº 42 Josefa Valcarcel, the HQ of Spanish newspaper LaRazón, and the Cristalia Play building in the Cristalia business park.

Likewise, at the end of January 2019, Blackstone closed a much larger divestment of a portfolio of five properties, also formerly owned by Hispania. In this case, the buyer was Zurich’s real estate subsidiary, Rex Spain, which paid €163.5 million for what is known as the Ilunion portfolio, totaling 31,000 square meters and located within the M-30 ring road in a consolidated office district.

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