Germany's Union Investment has confirmed the acquisition of the Portico office building in Madrid from the Spanish tourism and transportation conglomerate Marsans. The transaction, initially reported by PropertyEU on 22 December 2008, is the first acquisition in Spain for Union Investment's UniImmo: Deutschland fund. The financial details of the deal were not disclosed, but based on similar transactions in the area, it is believed the investment was in the vicinity of EUR 100 - 130 mln.
Germany's Union Investment has confirmed the acquisition of the Portico office building in Madrid from the Spanish tourism and transportation conglomerate Marsans. The transaction, initially reported by PropertyEU on 22 December 2008, is the first acquisition in Spain for Union Investment's UniImmo: Deutschland fund. The financial details of the deal were not disclosed, but based on similar transactions in the area, it is believed the investment was in the vicinity of EUR 100 - 130 mln.
Completed in October 2005, the Portico property is fully let to the Spanish group through 2016. The building was built by a partnership of US developer Hines and Madrid-based developer Monthisa and sold to Marsans in 2005 to house the group's global head office. Located in the Campo de las Naciones business park, it currently houses 600 employees. It was designed by Spanish architect Rafael de La Hoz, and provides around 21,000 m2 of office space on eight floor as well as 400 parking spaces.
