Hispania has closed two off-market transactions in Madrid with a total investment of €86 mln, paid for from the Spanish REIT's own funds.
Hispania has closed two off-market transactions in Madrid with a total investment of €86 mln, paid for from the Spanish REIT's own funds.
The company has acquired an office building located at Calle Príncipe de Vergara for €25 mln as well as a residential complex including 284 dwellings in Sanchinarro, northern Madrid, for €61 mln.
The office building provides 7,324 m2 of space distributed over 12 floors and 68 underground parking slots. The residential complex offers 39,000 m2 including 284 apartments, 311 parking spots as well as 284 storage units and a retail unit which is currently occupied by a major supermarket chain. The units have an occupancy rate of 80%.
'These two deals proof, once again, Hispania’s ability to invest in high-quality assets through off-market deals in consolidated areas,' Hispania board member Concha Osácar said.
Hispania has committed €877 mln of equity in the last 12 months, building up a portfolio consisting of 98,000 m2 of office areas, 683 apartments and 22 hotels largely located in Madrid and Barcelona.
Hispania went public in March last year raising €550 mln of proceeds. It is externally managed by asset manager Azora, which has granted it total exclusivity for all of its investment deal flow in Spain, except for student housing.