HIG Capital has increased its presence in the Spanish market with the acquisition of two office buildings.
The $34bn (€30.7bn) private equity investment firm has paid an undisclosed sum for the 15,000sqm assets in Madrid.
HIG said one of the buildings has been recently refurbished, while the other will undergo an extensive renovation.
Riccardo Dallolio, managing director and head of HIG Realty Partners Europe, said: “Our focus in Spain is on high-quality assets with the potential of becoming a highly liquid institutional product as the result of the envisaged value add initiatives.”
Esteban Caja Samboal, principal at HIG Europe Realty Partners in Madrid, said: “Spain represents an important part of our European strategy and we continue to seek additional small and mid-cap, value-add, investment opportunities to increase HIG´s presence in this market.”