The real estate arm of Spanish insurance group Mapfre has acquired the headquarters of Mercedes Benz in northern Madrid for around EUR 28 mln, well-informed sources have told PropertyEU. The scheme was sold through a sale-and-leaseback structure to Mapfre Inmuebles for a yield of over 6%.
The real estate arm of Spanish insurance group Mapfre has acquired the headquarters of Mercedes Benz in northern Madrid for around EUR 28 mln, well-informed sources have told PropertyEU. The scheme was sold through a sale-and-leaseback structure to Mapfre Inmuebles for a yield of over 6%.
Mercedes has taken a 10-year leased on the property, which was developed by Riofisa and is located within the Arroyo de la Vega business park in Alcobendas. It provides some 7,000 m2 of office space across four floors as well as 200 parking spaces. Aguirre Newman advised on the deal.
In another major sale-and-leaseback in Spain, private investor Gorbea has acquired the FCC headquarters in Northern Madrid for over EUR 80 mln. The property, located in Las Tablas, was acquired through a forward funding structure and is expected to general a yield of 7%. Fomento de Construcciones y Contratas (FCC) first announced in July that it was planning to sell the office project totalling around 23,000 m2 of gross area.
