AXA Real Estate Investment Managers is undertaking an extensive redevelopment of over half of the 60,000 m2 Prado office complex in Madrid, acquired in 2005 as part of its development strategy.
AXA Real Estate Investment Managers is undertaking an extensive redevelopment of over half of the 60,000 m2 Prado office complex in Madrid, acquired in 2005 as part of its development strategy.
Spanish construction company Acciona has been commissioned to act as construction manager on the project.
The seven-storey asset consists of three buildings, North, West and South, of which 45% is currently let, comprising the entire North building. The remaining 55% of the site, covering the South and West buildings, will be extensively redeveloped to deliver 35,000 m2 of office space, plus a further 6,000 m2 of underground parking and storage facilities.
The project is targeting an Excellent BREEAM rating for its sustainable design.
Works are due to start in the third quarter of 2015 with completion estimated in Q2 2017.
Hermann Montenegro, head of asset management and transactions in Spain at AXA Real Estate, commented: 'This prestigious project provides us with a unique opportunity to offer the highest quality office space to the Madrid market on a significant scale, appealing to larger tenants who struggle to find appropriate accommodation within the city’s current offering.'
AXA Real Estate has a total of €9.9 bn of projects currently under management in eight European countries.
