Global real estate investment manager LaSalle Investment Management has acquired General Lacy 23, a 19th-century office building in Madrid.
Financial details were not disclosed.
The property was acquired on behalf of a separate mandate with a German pension fund. LaSalle’s Spanish portfolio now holds a value of over €300 mln, the firm said.
'Thanks to the high quality of the building, with its flexible use for both single and multiple tenants, and its prime location in a European real estate hotspot, General Lacy 23 fits perfectly into the fund strategy. We are very happy that we have succeeded in adding this exceptional building to our portfolio,' said Uwe Rempis, head of fund management Germany at LaSalle Investment Management.
The General Lacy 23 building is located in Madrid's Méndez Álvaro district, south of the central business district of the Spanish capital. Originally a tobacco factory and converted into an office building two decades ago, the property is currently being modernised as a green building.
The sole tenant from April 2019 will be the Spanish oil company Repsol, which will occupy the space with one of its subsidiaries. Repsol’s headquarters are located just 850 metres away on Calle de Méndez Álvaro.
