Insurance firms Pelayo & Catalana Occidente invest in Northern Madrid

Madrid’s wealthy northern districts continue to attract core investors thanks to a strong business fabric, population growth and excellent infrastructure. The latest insurance firms to invest in the area have been Catalana Occidente and Pelayo.

Pelayo, a mutual insurance and reinsurance company has announced the purchase of an office building on nº15 of Alcobendas’ Avenida de Bruselas for just over €11 million. The competitive process was run by JLL and Pelayo is said to have made the best offer. The building, which has an occupancy of 100%, has an area of ​​about 3,500 square meters and has been recently renovated.

The vendor was Hispania which is registered as a “SOCIMI” (Sociedad Anónima Cotizada de Inversión Inmobiliaria), also known as Real Estate Investment Trust companies (REIT), since May 2016 after the approval from its Annual Shareholder’s Meeting to conclude the merger between Hispania Activos Inmobiliarios and it’s 100% subsidiary Hispania Real SOCIMI.

On November 8, 2018 and following the instructions given by the General Shareholders’ Meeting, Hispania signed three asset management agreements with (i) HI Partners Holdco Value Added, S.A.U. for the hotel portfolio, (ii) Rivoli Offices Management, S.L. for the portfolio of offices and (iii) Fidere Residencial, S.L.U. for the residential portfolio, in the main terms presented and approved by the aforementioned General Shareholders’ Meeting.

Also in the north of the Spanish capital, Grupo Catalana Occidente and Metrovacesa have agreed to the sale of a project, with 11,000 square meters, which will be completed in 2022.

The building which is yet to be completed is located in the neighborhood of Las Tablas, where the headquarters of large companies such as Teléfonica, BBVA and FCC are located. The complex will have a built area of 11,250m² spread over six floors, plus another two in the basement, with 310 parking spaces.

C&W acted as advisor to Metrovacesa in the transaction.

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