Spanish insurance company Mutualidad has acquired an office building in Madrid, Spain from UBS for €46 mln.
Located at 108 Príncipe de Vergara Street, the asset has a total surface area above ground of 7,296 m2 and 3,589 m2 below ground.
The office building has the LEED Gold certification sustainability seal and a B-rated energy certificate, aligning this operation with number 11 of the Sustainable Development Goals of the UN Agenda 2030.
UBS originally bought this building from U.S. fund Blackstone for €52 m in 2020.
The director of Real Estate Investments at Mutualidad, Carlos Pérez-Baz, said: ‘At Mutualidad we are constantly searching for new real estate opportunities with which to continue increasing the value of our portfolio; This operation helps us consolidate it and is another example of our commitment to growing the benefits of our mutual members.’
José Joaquin González, Real Estate Investment analyst at Mutualidad, added: ‘With this operation we consolidate our position in a reference area, already being owners of the three main and adjoining office buildings in the area (Francisco Silvela, 106; Príncipe de Vergara 108 and 110).’
The 12-story building houses a diverse group of tenants, including renewable energy companies (Sonnedix, Visalia Energy Group), engineering firms (Invenergy), media outlets (Eltiempo.es), human resources specialists (LHH), educational institutions (Ostelea tourism school), and government agencies (State Foundation for the Prevention of Occupational Risks).
During the acquisition, legal advice was provided to Linklaters on behalf of the seller and to Mutualidad by Verificación Documental. Additionally, UBS received real estate consultancy and technical expertise from CBRE. Mutualidad also benefited from technical advisory services provided by Novasa.
Following this acquisition, Mutualidad has 42 properties in its portfolio with a total area of 169,652 m2 and a market value of more than €769 mln.
