Photo of Eduardo Fernández-Cuesta Luca De Tena
The Arcano Spanish Opportunity Real Estate Fund (ASOREF), has announced the acquisition of two assets in Madrid with a joint value of €12.15 million that will be converted to offices. The properties, which were owned by the García-Obregón family, are located in Avenida de Europa, in the La Moraleja Business Park, where large multinationals have their HQs, such as Pfizer, Acciona or Telefónica. The area is known as one of Madrid’s most important business centers with high tenant demand.
The buyers plan to demolish the current hotel and develop a state-of-the-art office building, designed by the Rafael de La-Hoz architecture studio, which will have a GLA of 8,100 m2. The new building plans to obtain LEED Gold certification ensuring its energy efficiency and constructive quality.
According to investment director, Pablo Gómez-Almansa, «this is a very relevant deal given the shortage of land and new office developments in Madrid and more specifically in the area. In addition, the investment will allow us to provide new high-quality spaces at a time of intense demand»
Arcano has already deployed €173 million for its first property vehicle including an office asset on Rios Rosas Street, with a buildable area of 3,517m², the acquisition of a 6,029m² plot in Las Rozas (Madrid) for the development of high-end housing, the purchase of a residential building on Divino Pastor Street, 5 in Madrid for the construction of 28 new homes, the acquisition of a front-line plot in Benalmádena, with building rights of 12,000 m², amongst others.
The fund invests in value-add deals across a wide spectrum of asset types, with a clear focus on residential properties in the main Spanish cities and also on the Costa del Sol without forgetting other assets, including office buildings, logistics assets, high street and shopping centers as long as there is an opportunity to generate value. Arcano thus covers a gap in the Spanish real estate sector focusing on medium-sized tickets (€5 to €25 million in equity) with a clear local focus.
About Arcano Partners
Arcano Partners is an independent financial advisory services firm with offices in Madrid, Barcelona and New York. Their asset Management division recently launched a fund to invest in the Spanish property sector. According to their investment philosophy, they seek to create value through a combination of attractive entry prices, active real estate management and well-defined exit strategies. The fund invests mainly in Spanish real estate assets, in the residential and commercial sectors.
Eduardo Fernández-Cuesta Luca De Tena has been a Partner and Head of Real Estate at Grupo Arcano since January 2015. Previously he worked at CBRE for 25 years; initially in the Investments department and became head of the firm’s residential area. In 1998, he was appointed as manager in Spain and has served as CEO at Richard Ellis Residential, S.A.; Head of CBRE Spain; Member of the Executive Committee at CBRE EMEA. In 2013, he was appointed Chairman for Spain at RICS (Royal Institution of Chartered Surveyors). He is a Member of the European Council for Royal Institution of Chartered Surveyors and has a BA degree in Law from the Complutense University of Madrid, an MBA from the Instituto de Empresa and completed the Advanced Management Program.
También te puede interesar
Insurance firm, Zurich, is selling a portfolio of 6 office buildings in Madrid and Barcelona
Millenium Acquires the Iberostar Las Letras Hotel for €70M
Redevco Debuts in European Hospitality with an €80M Acquisition of 6 Hotels
Real Estate Funds Propose a 500 Million Euro Investment For Project MADBIT, a New District Concept
King Street and Freo Group Sell a 38,000 Sqm Office Campus in Barcelona
1 comentario en «Arcano buys Madrid’s «Hotel La Moraleja»»
Please add my email to the mailing list.