Naropa Capital sells Madrid building to IBA Capital for €42M

Colliers International has advised Naropa Capital in the sale of The Icon building in Madrid to IBA Capital Partners at a price of €42 million euro. The deal is expected to close within the next few days.

Located in Madrid’s Majadahonda suburb, the building has 10,578 sqm and is being refurbished according to a project by architecture studio Lamela Arquitectos, with an estimated capex of €10 million. The refurbishment is expected to be finished by the end of the year.

The surrounding area, along the A-6 motorway has attracted a large number of multinational companies from all sectors, thanks to its proximity and excellent communication with the city center of Madrid as well as the airport via the M-40. Within a radius of 10 kilometers there are a number of additional business parks such as Tripark Business Park, also owned by IBA Capital and which has DIA as a tenant; Alvia Business Park, with HP among its lessors or La Finca Business Park, which has Orange among its tenants.

This will be IBA Capital’s first deal in 2020 following the acquisition of an office building, Barajas 1, in Madrid for €37.5 million from Spanish REIT, GMP Property.

The Spanish fund currently manages an 18 asset portfolio, which includes core, core+ and value-added assets, estimated at c. 1 billion euros.

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