Privately held real estate investment firm Cain International has acquired two adjacent office assets in north Madrid from Schindler Group and Acciona.
Financial details were not disclosed. Financing for the transaction was arranged by Starwood Property Trust and Starwood European Finance Partners.
Comprising a total of 28,000 m2 of office accommodation, the two buildings are part of a four-building complex in the Albatros business park in Alcobendas, north of Madrid’s CBD. The assets benefit from 562 car parking spaces as well as strong transport links to Madrid’s city centre.
Cain International’s partner on this transaction is Freo Group, with whom the firm already holds a number of Spanish assets in joint venture. This includes a recently-acquired portfolio of eight office parks in Madrid and Barcelona, as well as a 15,000 m2 Class A office development in the 22@ district of Barcelona.
Nicole Valmar, vice president of Equity Investment, said: 'Having already built a portfolio of nearly €500 mln since we entered the Spanish market towards the end of 2018, this latest transaction is a strong endorsement of our confidence in the opportunities presented by the region. This sub-market of Madrid is particularly attractive owing to its strong transport links and easy access to the prime residential areas of LaMoraleja and Alcobendas, and with increasing rents and limited vacancy in the CBD and south of the city, it is set to experience further growth.'
Cain International and Freo Group were advised by Herbert Smith Freehills and Savills Aguirre Newman. The vendor was advised by CBRE.
