GreenOak buys Claudio Coello 123 office building in Spain
GreenOak Real Estate has bought a 4,000sqm office building located in Spain for an undisclosed sum.
The $10bn (€8.82bn) real estate manager said it has completed the acquisition of Claudio Coello 123 in Madrid.
The building comprises a ground floor plus six further floors as well as two floors below ground for parking. GreenOak said it intends to undertake a comprehensive refurbishment of the entire building.
John Carrafiell, Europe-based co-founder of GreenOak, said: “Madrid continues to represent an exceptional office investment opportunity. Madrid is in the midst of strong economic growth, yet rents are still well below past peaks.
“Like many of the world’s other gateway, capital cities, demand is fuelled by the growth of corporate, tech, media and creative tenants driving the take-up of space.”
Since 2013 GreenOak has transacted Spanish assets totalling around €1.5bn in 30 deals, including office, logistics, retail and residential real estate and development investments.