An unnamed private investor has purchased an office building in Madrid's Cristalia Business Park for EUR 23 mln from Spanish real estate agent Inmoseguros, broker Savills, who advised the buyer, said on Wednesday. The deal reflects an initial yield of 6.5% triple net.
An unnamed private investor has purchased an office building in Madrid's Cristalia Business Park for EUR 23 mln from Spanish real estate agent Inmoseguros, broker Savills, who advised the buyer, said on Wednesday. The deal reflects an initial yield of 6.5% triple net.
The 5,148 m2 building is located at 3 Vía de los Poblados and is let to Iberdrola Renovables on a 2.5 year lease at EUR 21 per m2. It has 110 parking spaces.
Cristalia constitutes one of the biggest business parks in the Campo de las Naciones area. Other tenants at the park include Bouygues RE, Banesto and Crédit Suisse.
Manuel Santos, director of Savills investment in Madrid, said: 'In 2009 we expect private investors to represent the majority of the buyers for this type of property. With the institutional funds standing back, deals will be closed where good opportunities for quality buildings arise.'
The vendor was unrepresented.
