MAPFRE acquires co-working real estate asset from DAZEO

MAPFRE Inmuebles, a MAPFRE Group asset management company specialized in real estate assets, has recently acquired ‘Monday Río’, a 3,427 sq m building located on Paseo Imperial number 14 in Madrid (Arganzuela district).

The property has been purchased from DAZEO, a joint venture created by DAZIA CAPITAL and EURAZEO PATRIMOINE. ‘Monday Río’ is the first centre to be launched in the Spanish capital by co-working space provider Monday.

In recent years, MAPFRE has opted to make its investments through real estate funds, in partnership with Swiss Life Group and Macquarie, a strategy it will maintain. In April of this year, MAPFRE and Swiss Life Group established a pan-European co-investment vehicle for the real estate market, with ownership split equally between the two companies; it was created with a volume of assets valued at 400 million euros, located in Spain and Italy.

The deputy general manager of MAPFRE Inmuebles, Carlos Díaz, confirms that the company continues to focus its strategy on seeking profitable real estate assets in the major European capitals. “And this time, we did it directly because it was an off-market opportunity that we couldn’t miss out on,” he explained.

The Group’s property portfolio is valued at 3.18 billion euros at market prices, a 2.8 percent increase compared to the end of 2020. In addition, MAPFRE has a portfolio of unique properties, not only in Spain, but also in other countries where it operates.
 
Daniel Mazin, CEO of DAZIA CAPITAL, comments on the deal: “We are very happy to have completed this transaction with an investor of MAPFRE’s calibre, in which we have transformed an empty and unused asset into a profitable product suitable for a core investor.”