Standard Life Investments, on behalf of its European Property Growth Fund (EPGF), has sold Fortis' headquarters at Serrano, 73, in the Salamanca district of Madrid to a private Spanish investor. Although the transaction price was not disclosed, the asset is understood to have fetched around EUR 35 mln.
Standard Life Investments, on behalf of its European Property Growth Fund (EPGF), has sold Fortis' headquarters at Serrano, 73, in the Salamanca district of Madrid to a private Spanish investor. Although the transaction price was not disclosed, the asset is understood to have fetched around EUR 35 mln.
Redeveloped by the British insurance group in 2004, the prime CBD office property comprises a total built area of 6,800 m2 and is fully let to Fortis Bank.
Will Fulton, fund manager of SLI' European Property Growth Fund, said: 'This sale fits in well with our view of the Spanish property market and will enable us to deploy the capital elsewhere within Europe.'
PropertyEU reported in its Week Edition in March that SLI had hired C&W to sell the asset. The property raised great interest among private, institutional, national and international investors, with marketing resulting in several offers being received. C&W and Gomez-Acebo y Pombo advised Standard Life Investments; JLL and Cuatrecasas advised the buyer.
Following this disposal, EPGF now owns 36 properties in 10 countries across Europe.
