Tristan Capital Partners and Savills Investment Management have acquired a 78,000sqm office portfolio in Madrid from Inmobiliaria Colonial Socimi.
Tristan said its EPISO 4 value-add fund together with local operating partner Savills bought the six office buildings located in submarkets outside of Madrid’s central business district.
No financial details were disclosed.
Nikolay Velev, an executive director at Tristan Capital Partners, said: “Years of strong economic growth and job creation and limited new developments have created a supply-demand imbalance in the Madrid office market, resulting in significant net absorption and robust occupational growth.
“These assets are ideally placed to capture growing demand for quality space outside of the main CBD, proving attractive to a broad range of occupiers.”
Fernando Ramirez de Haro, the head of Spain at Savills Investment Management, said: “We are very keen to expand our relationship with Tristan with this portfolio.
The buildings are of excellent quality, with green energy certificates and offer modern, flexible accommodation and therefore are well positioned to capture the growth we anticipate in Madrid.”
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