Barings Real Estate, part of Barings LLC, has acquired four office buildings at Avalon Business Park in Madrid, Spain on behalf of an institutional investor.
This follows a previous acquisition of five office buildings within the Business Park, which is located in the Julian Camarillo sub-market, making Barings the sole owner of the site.
'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,' said Adolfo Favieres, managing director, country head real estate for Spain, Barings. 'Simultaneously, we continue to expand our portfolio strategy of investing in core+ to opportunistic investments across target locations in Europe.'
Barings said that the investment was part of its pan-European core plus investment strategy.
The newly acquired offices comprises 20,749 m2 of class-A office space, as well as 422 m2 of retail space and 351 underground parking spaces. The full business park, which is formed of nine office buildings, totals 46,952 m2.
Savills Aguirre Newman has been retained as letting agent for the entire business park, and the property will be managed by Cushman and Wakefield. The buildings were acquired in an off-market transaction.
Barings was advised by Arcadis, Dentons and Knight Frank and Münchener Hypothekenbank eG has provided financing for the deal.
