Capreon, the Noé Group’s real estate investment arm, has acquired three buildings in the Fuencarral district of Madrid, Spain, for €30 mln.
The deal for the three income-producing buildings of 10,000 m2 marks the second addition to Capreon’s European smart workplaces portfolio.
Two thirds of in-place income is from the medical and health sector and related services, including an in-vitro diagnostics firm, which renewed its lease until 2028 as part of the negotiated transaction. The portfolio will be enhanced with additional laboratory space of an international calibre.
Capreon has now established a local asset manager which will be responsible for the delivery of the business plan and will also consider new investments close to research functions in Madrid and Barcelona, as well as in regional technology parks.
George Minns, managing director at Capreon said: 'This transaction marks a small but important step in the evolution of our smart workplace’s portfolio in the three countries where we now have a local presence. We are delighted to be contributing to a positive change in this rapidly transforming industrial district of Madrid.'
Fuencarral is a rapidly changing district of Madrid, with a number of new developments underway in the area across residential, student accommodation, offices, and life sciences. Located in the vicinity is the Ramon y Cajal hospital and its well-regarded research institute, as well as Carlos III hospital, Madrid Autonoma Medical Campus and La Paz Hospital, which is undergoing a large-scale refurbishment.
Capreon’s smart workplace strategy is centred on investing in places where people want and need to work, in offices with excellent amenities and good ESG credentials, high tech campuses, and life science assets. The strategy is focused on defined districts of certain high-innovation cities within the UK, Spain, and the Netherlands.
