UK-based private equity firm Orion Capital Managers has confirmed it has reached agreement on the sale of its Hewlett-Packard headquarters in Madrid with an unnamed buyer.
UK-based private equity firm Orion Capital Managers has confirmed it has reached agreement on the sale of its Hewlett-Packard headquarters in Madrid with an unnamed buyer.
Orion bought the asset in 2009 for EUR 27.5 mln and, according to Spanish press reports, put the building back on the market to raise capital for its Puerto Venecia shopping centre development acquisition. Earlier this year Orion purchased a 50% stake in the Zaragoza-based development in northern Spain for around EUR 48 mln.
The buyer of the Madrid office building is reportedly Allegra Holdings, the investment arm of Spanish property tycoon Mario Losantos and the former majority shareholder in local development firm Riofisa. The sales price is believed to be almost EUR 30 mln.
The Madrid office building is located in Las Rozas district and offers 12,500 m2 of office space and 500 parking spaces entirely leased to Hewlett-Packard through 2018. The asset has a debt facility in place underwritten by Santander. Savills is brokering the transaction.
