Mutualidad de la Abogacía buys co-working offices in Madrid rented to Utopicus

Mutualidad de la Abogacía has reached an agreement with Tenihabana, to acquire a 5,560 sq m office building on nºs 9-11 of Paseo de la Habana in Madrid. The building is let to Utopicus, who manages the co-working spaces for Spanish REIT, Colonial Inmobiliaria.

Tenihabana is managed by Tenigla and Doble Dígito who together with a group of investors bought the property in 2018. They have since coordinated the transformation works aiming to accommodate Utopicus as a long-term tenant since March of this year. The property is now divided into ground floor, access floor, upper floor, roof and terrace. Tenihabana received legal advicefrom law firm Pérez-Llorca on the recent sale of the offices.

Tenigla, on the one hand, was created six years ago and has since completed real estate investments in the UK, France, Germany, Spain and the US valued at over 500 million euros. Doble Digíto, on the other hand, is an independent company which advises on real estate investments and their team have a track record of above 1,500 million euros in transactions.

The non-profit insurance company, Mutualidad de la Abogacía, already has several properties in the Santiago Bernabeu area, including a commercial building on the same street as well as a property on Calle Concha Espina number 18. With this new acquisition, Mutualidad de la Abogacía owns a total of 48 properties, with a total area of 283,680 sq m and a market value of more than 862 million euros.

Carlos Pérez-Baz, director of Real Estate Investments at Mutualidad de la Abogacía has explained: “Alternative assets have acquired a major relevance in the real estate sector of our country. They not only represent an excellent value for the portfolio of any investor, but also provide very interesting yields . From Mutualidad de la Abogacía, we are committed to continuing to grow in line with market demands, diversifying our investment in a context where Real Estate continues to be a haven.”