US private equity giant Lone Star is planning to sell one of its prime office assets in Madrid, according to media reports, seeking bids in excess of €110 mln for the Isla Chamartín business park north of the city.
The circa 40,000 m2 asset, which comprises four buildings covering around 9,000 m2 each, also includes 930 parking spaces. Tenants include Iberdrola Ingeniería y Construcción, BBVA Consultoría and Aernnova Engineering Solutions Iberica.
The planned sale follows Lone Star's divestment of the 100,000 m2 Adequa business park at the end of last year to local REIT Merlin, including a plot of land destined for two further projects, which raised around €380 mln.
Both the Isla Chamartín and Adequa business parks have belonged to Lone Star since 2015, when the private equity player took control of the assets by foreclosing a €630 mln debt with Bami Newco, a real estate company owned by former Metrovacesa president Joaquin Rivero that went into liquidation.
Lone Star is understood to have appointed consultancy firms Knight Frank and CBRE to manage the sale.
