Henderson Park, the European real estate investment platform founded by Mount Kellett's former Europe CEO Nick Weber, has made its first acquisition in the Spanish market with the purchase of the iconic Los Cubos office building in central Madrid from Realia Inmobiliaria.
The transaction is said to have an investment volume of €52 mln.
Comprising 18,000 m2 of space over nine storeys, Los Cubos is one of the most recognisable office buildings in Madrid. The scheme is currently vacant with Henderson Park planning to undertake a full refurbishment targeting the latest standards in occupiers’ comfort and environmental performance.
Construction work is expected to start in 2018 with delivery planned for mid-2019.
'This is our first transaction in Spain where the country’s economic recovery, increasing growth in employment and job creation prospects give us the confidence to seek further opportunities in the Madrid region,' said Nick Weber, founding partner of Henderson Park. 'The property is in a great location in a capital city where growing demand for grade A space is not being met by supply.'
Henderson Park is backed by three cornerstone investors: Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
