Spain's Marsans Group has sold its Madrid headquarters to German open-ended property fund Union Investment, PropertyEU has learnt. The financial details of this deal were not disclosed, but based on similar transactions in the area, it is believed the investment amount is in the vicinity of EUR 100 - 130 mln.
Spain's Marsans Group has sold its Madrid headquarters to German open-ended property fund Union Investment, PropertyEU has learnt. The financial details of this deal were not disclosed, but based on similar transactions in the area, it is believed the investment amount is in the vicinity of EUR 100 - 130 mln.
Located in the Campo de las Naciones business park, the Portico office building was built by a partnership of US developer Hines and Madrid-based developer Monthisa and sold to the Spanish tourism and transportation conglomerate Marsans in 2005 to house the group's head office. It currently houses 600 employees.
Designed by Spanish architect Rafael de La Hoz, the property provides around 23,000 m2 of office space on eight floor as well as 400 parking spaces. It was completed in April 2006 with an investment of EUR 80 mln and financing provided by HSH Nordbank.
