German fund manager Union Investment Real Estate is understood to have put the Portico office building in Madrid's Campo de las Naciones business park up for sale with an asking price of €130 mln.
Union Investment has hired agent CBRE to manage the disposal of the building which provides 27,000 m2 of gross lettable area over eight storeys and 400 parking spaces.
Developed by US developer Hines and Madrid-based builder Monthisa and completed in 2005, the asset is fully let to several tenants including Pullmantur, Redexis Gas, Nautalia, Beam España and Pepsico. It was designed by Spanish architect Rafael de La Hoz.
Union Investment bought the asset in late 2008 in a €115 mln sale-and-leaseback deal with the Spanish tourism and transportation conglomerate Marsans, which used it as its global head office. The transaction was the first acquisition in Spain for Union Investment's UniImmo: Deutschland fund.
Union Investment and CBRE declined to comment on the deal.
