International property firm Grosvenor Europe has acquired an office building in Madrid from UBS (D) Euroinvest, a German open-ended real estate fund managed by UBS Real Estate.
Financial details were not disclosed.
The asset is situated at 8 Calle Titán within the Méndez Álvaro neighbourhood, a growing office district in the Spanish capital. According to real estate services firm Savills, the location is undergoing its final phase of densification with large developments now taking shape on the district's few remaining plots.
The building comprises 10,634 m2 of space distributed across 14 floors above ground, with 212 parking spaces, and is the current headquarters of Unicaja, Enagás and Nózar. It was completed in 2008 and is certified Leed Gold.
The buyer was advised by Savills Aguirre Newman and the seller by Cushman & Wakefield.
According to Savills data, despite the uncertainty caused by Covid-19, the year 2020 is set to close with an office investment volume of approximately €2.3 bn in Spain, with more than 80% coming from international investors.
Submarkets such as Méndez Álvaro, where there is a very low vacancy rate, are expected to show solid growth due to its convenient location with stabilised rents and solvent tenants, Savills research suggests.
