The Isidro family continues to expand their real estate empire as they acquire two office buildings with a total area of 11,900 square meters from Colonial.
Ibervallés, the Isidro family´s REIT, has acquired from colonial two office buildings in Madrid with a total surface area of 11,900 square meters. With this move, the former owners of Europac are investing in assets with appreciation potential, a strategy in which they have been advised by JLL. Specifically, the REIT has acquired the building at Calle Josefa Valcárcel 24, located across the A-2 highway and very close to Calle Arturo Soria. The property has a leasable area of 5,640 square meters and will undergo a refurbishment to be carried out by Estudio Lamela.
The second building is located at 506 Alcalá street, opposite the entrance to Quinta de los Molinos Park, and until now has been occupied by Indra. It has a leasable area of 6,260 square meters, including two commercial premises on the first floor and 205 parking spaces. The Isidro family, through its family office Ibervallés are also shareholders of other REITS like Alamgro (Residential) and Millenium (Hotels)-until it sold its position to Castlelake a year ago.
Now, with this recent acquisition of two offices, the Isidro family continues to show its appetite for the real estate market through their involvement in in different asset classes. This acquisition also comes at the right time as the Ibervallés REIT has recently been listed and is currently working to debut in the BME Growth stock exchange in Madrid.
The Isidro Family
On the 4th of June 2018, the Isidro Rincon brothers controlled 39,.4% of Europac´s capital which was valued at 657 million euros. At the time, the British group DS Smith launched a takeover bid for Europac paper mill valued at 1,670 million euros. With this move, the Isidro family became one of the wealthiest families in Spain. Since then, the Isidro family has taken control of some REITS like Almagro Capital and Ibervallés.