Spanish property company Realia has acquired the headquarters of BP Oil in Madrid for over EUR 38 mln. Located in the Arroyo de la Vega business park, the property is entirely let to BP Oil through 2011 for an annual rent of EUR 1.9 mln. It consists of 8,856 m[sup]2[/sup] of office space and 243 parking spaces. The deal reflects a net yield of 5%. Bought in 2002 by German property investor Deka from Riofisa for around EUR 27 mln, the office was sold to the Madrid-based developer Criber Group in 2005, Spanish newspaper Cinco Dias reported.
Spanish property company Realia has acquired the headquarters of BP Oil in Madrid for over EUR 38 mln. Located in the Arroyo de la Vega business park, the property is entirely let to BP Oil through 2011 for an annual rent of EUR 1.9 mln. It consists of 8,856 m2 of office space and 243 parking spaces. The deal reflects a net yield of 5%. Bought in 2002 by German property investor Deka from Riofisa for around EUR 27 mln, the office was sold to the Madrid-based developer Criber Group in 2005, Spanish newspaper Cinco Dias reported.
Realia also said it has sold an industrial development that is part of its non strategic portfolio for EUR 40 mln. The asset has a building potential of 48,000 m2 and is located in Madrid's Carabanchel district.
