UBS Asset Management has acquired a prime Madrid office asset, the headquarters of BBVA subsidiary Banco de Crédito Local, located in the city’s famous Palacio de los Condes de Guevara, according to a news report by PropertyEU's sister publication Europroperty.
The classical-style building at 1-2 Plaza de Santa Bárbara was built in the 1920s and has a combined
gross lettable area of approximately 11,000 m2.
It is thought the purchase price is in the region of €120 mln. Pbb Deutsche Pfandbriefbank is believed
to be providing long-term senior finance at low leverage in the amount of around €40 mln.
UBS has been an active buyer in Spain already this year. Last month the Swiss asset manager announced the acquisition of Titán 8 on behalf of its relaunched core UBS Euroinvest Immobilien fund. The 18-storey, 10,633 m2 tower in Méndez Álvaro, south Madrid, is multi-let and was sold by Banco Ceiss.
