Barings Real Estate has become the sole owner of the Avalon Business Park in Spain with the acquisition of the remaining four office buildings it did not already own.

Barings said it bought the four offices in Madrid on behalf of an institutional investor for an undisclosed sum.

In August last year, Barings made its first investment in the Madrid office market with the acquisition of five buildings in Avalon Business Park.

Barings said it bought the assets as part of a pan-European value-add investment strategy.

The newly acquired offices offer 20,749sqm of office space as well as 422sqm of retail space and 351 underground parking spaces. The full business park, which is formed of nine office buildings, totals 46,952sqm.

Adolfo Favieres, a managing director and country head for real estate in Spain at Barings, said: “Now that we are sole owners of Avalon Park we have an ambitious plan to position the property as the market reference for this asset class in Spain, through selective capital expenditure and providing services to occupiers.

“Simultaneously, we continue to expand our portfolio strategy of investing in core plus to opportunistic investments across target locations in Europe.”