IBA Capital Partners has acquired the Edificio Princ office building in Madrid's Piramides district from German fund manager KanAm Grund as part of a €500 mln investment spree in Spain.
IBA Capital Partners has acquired the Edificio Princ office building in Madrid's Piramides district from German fund manager KanAm Grund as part of a €500 mln investment spree in Spain.
IBA and its Spanish REIT Zambal are believed to be paying €35 mln for the complex, which is located at 18 Paseo de los Olmos and provides 17,000 m2 of office space.
KanAm bought the building in 2005 from Grupo Metrópolis for €45.5 mln. It is fully leased to energy supplier Enagas.
The deal is the latest acquisition to be carried out by IBA in Spain. In February, the company bought the Torres Agora high-rise office complex in Madrid for €73 mln, entirely in cash.
The 30,000 m2 building, home to the Spanish foreign affairs ministry, was sold by local developer Inmobiliaria Colonial.
Earlier this year IBA also purchased the ABC Serrano shopping centre and a 20,000 m2 office building in Madrid for a price believed to be around €100 mln while in July last year, it acquired El Corte Ingles Plaza de Cataluña department store on Barcelona’s main square for €100 mln.
IBA was founded by Jesús Valderrama and Thierry Julienne, two directors of Abedo Asset Management, and Sergio García of the Swiss Batex multi-family office. The company claims to have received a number of instructions from private investors, largely from Western Europe and South America, to invest over €500 mln in the Spanish property market.
