SCPI Elialys, managed by Advenis, completes first Spanish acquisition

SCPI Elialys, managed by Advenis Real Estate Investment Management (REIM), has announced the acquisition of its first asset last February the 18^th. The vendor, Partners Group, was advised by Savills.

The office building in question has a GLA of 6,444m² with 182 parking spaces and 300m² of the GLA dedicated to storage space. Built in 1989, it is located in Madrid’s La Florida neighbourhood in the Moncloa-Aravaca district. The property is distributed across four stories (basement, ground and two floors).

The French Société Civil de Placement Immobilier has paid €15.5 million for the 92% let office which has 3 different tenants with a firm lease term of 5.37 years.

La Florida, 13km north of the city centre, is an established business park with c. 59,000m² of office space surrounded by a consolidated area of ​​high-quality offices that includes the Spanish headquarters of foreign companies such as Volvo, GE Healthcare and McDonald’s. In addition, there are a large number of Spanish companies such as Linea Directa, Securitas, Vodafone. In total there are more than 211,000m² of offices in the wider area owned by conservative funds such as Allianz, Swiss Life, Invesco, Árima and Barings

The tenant turnover rate is very low, due in particular to privileged access to central Madrid, a high presence of companies, schools, universities and a very abundant commercial offer. This combination of mixed uses, both residential and offices, makes the area very attractive to employees.