Henderson Park has acquired an office building in central Madrid from Realia Inmobiliaria, for an undisclosed sum.
The European real estate investment platform said it has made its first acquisition in the Spanish market with the purchase of the Los Cubos office building.
Comprising 18,000sqm of space over nine storeys, Los Cubos is currently vacant and Henderson Park plans to undertake a full refurbishment of the building. Work is expected to start in 2018 on the scheme in first quarter with delivery mid-2019, Henderson said.
Nick Weber, founding partner of Henderson Park, said: “The property is in a great location in a capital City where growing demand for grade-A space is not being met by supply.
“We believe that there is an opportunity to unlock significant value from this landmark asset for our investors through the major repositioning and refurbishment programme our team is planning to commence early next year.”