Angelo Gordon and IBA swoop on Madrid airport asset

Global alternative investment manager Angelo Gordon and its joint venture partner, fund manager IBA Capital Partners, have acquired an office property near Madrid airport for €37.5 mln from asset manager GMP.

The Barajas I property, located in Calle Trespaderne 29, lies close to the Madrid Barajas Adolfo Suarez Airport. The property has a gross lettable area of 29,173 m2 and 209 parking spaces. SGS and Vodafone are the main tenants.

The buyers said they aimed to reposition the property, bringing it in line with current market standards. The planned capital expenditure programme will include a modification of the façade, renovation of common areas, refurbishment of vacant accommodation and adaptation of technical facilities to current requirements.

CBRE was the exclusive real estate advisor on the transaction; the buyers were advised by Uría Menendez on legal and fiscal matters and by Cushman & Wakefield on technical matters.


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