C&W advises UBS in sale of Madrid office building to Grosvenor

Grosvenor made headlines during 2020 for acquisitions, along with Catalana Occidente, worth over €90M in Bilbao and Madrid. With its latest transaction, in the Méndez Álvaro neighbourhood, the British group’s assets under management in Madrid have reached c. €245M.

Located on nº8 of Madrid’s Calle Titán, the building has 10,634 sqm distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar. It is strategically located in a stretch of offices, with excellent visibility from the M-30 in an area that is seeing large developments on some of its few remaining plots. It benefits from excellent transport connections with access to both the Atocha station and the airport, as well as being part of a larger mixed-use area creating a dynamic community and plentiful local services. The office tower was completed in 2008 and is certified LEED Gold.

The seller was UBS (D) Euroinvest Immobilien, a German open-ended real estate fund managed by UBS Real Estate GmbH.

Despite the uncertainty caused by Covid-19, 2020 will close with a Spanish office investment volume of approximately €2.3 billion, with more than 80% coming from international investors, who continue to rely on the solid fundamentals of the market. The Atocha and Méndez Álvaro submarket, in which there is a very low vacancy rate, is expected to show solid growth due to its great location with stabilised rents and solvent tenants.

Grosvenor was advised by Savills and the seller by Cushman & Wakefield.