Spanish investor IBA Capital Partners has announced the acquisition of Vodafone's headquarters in Madrid for an undisclosed amount.
Spanish investor IBA Capital Partners has announced the acquisition of Vodafone's headquarters in Madrid for an undisclosed amount.
The purchase was carried out on behalf of IBA's €650 mln core-plus investment vehicle, Zambal Socimi.
Completed in 2014, the complex at 115, Avenida de America consists of five buildings located near Madrid's Barajas International Airport and provides 50,000 m2 of office space and 1,500 parking spaces. It is occupied in its entirety by Vodafone Spain on a long-term lease.
IBA Capital Partners was advised by Gomez Acebo y Pombo on legal issues while PwC provided financial and fiscal advice.
Zambal Socimi currently owns nine income-producing assets in Madrid and Barcelona including the headquarters of the Ministry of Foreign Affairs as well as a department store leased to El Corte Ingles in Plaza Catalunya in Barcelona and the ABC Serrano shopping center in Madrid's Salamanca district.
'This asset aligns perfectly with the strategy of wealth preservation we implement for Zambal, both in
the characteristics of the assets, volume of the transactions, and the lease covenants,' said Jesus Valderrama and Thierry Julienne, managing partners of IBA.
