Spanish REIT Zambal has acquired the entirety of the Calle Albarracín 25 office building in Madrid in three separate transactions for an undisclosed amount.
The majority (62%) of the building was sold by German asset manager Real I.S.' BGV III fund. The details of the other two vendors were not disclosed.
Built in 1993, the fully-let office building is located in the Julián Camarillo office submarket, which was formerly an industrial area and has recently evolved into an office centre dominated by cutting-edge technology and IT companies.
'Zambal has acquired 100% of property from three different sellers, and managed to renegotiate the three existing lease agreements with the current tenant, converting it into one long-term lease agreement with more than 10 years mandatory term,' commented Thierry Julienne, founding partner of IBA Capital Partners, the asset manager.
'We have realised the investment target of BGV III and successfully sold the attractive property. Along with the currently positive market environment, the long-term lease of the property and the good building standard also played a role,' commented Georg Jewgrafow, Chief Executive Officer of Real I.S.
Real I.S. received legal advice from Perez-Llorca. In addition, Savills Aguirre Newman, Cushman & Wakefield and financial accounting company TMF acted in an advisory capacity to the seller. Zambal received legal advice from E&Y in the transaction.
