BNP Paribas buys Madrid office in 'dynamic submarket'

BNP Paribas REIM has acquired an office building in Madrid, Spain.

Financial details were not disclosed.

BNP made the purchase on behalf of its NEIF III fund (Next Estate Income Fund III).

The property comprises around 13,000 m2 and is fully let to the IT company, Sopra Steria, as its headquarters.

It is located in the Manoteras district in the north of the capital city, which BNP says is a ‘dynamic office submarket,’ with a cluster of headquarters of international industrial, technological and financial firms.

Gonzalo Bueno, BNP REIM's country director Spain, said: ‘The acquisition of Manoteras reaffirms our interest of well-located high quality assets in Spain providing a long term income stream for investors. The asset is an excellent investment opportunity in a market which continues to show positive trends on take-up and rental growth.’

Laurent Boissin, fund advisor of the NEIF funds, added: ‘With this second closing in Spain after the acquisition of D38 in Barcelona in July 2019, NEIF III is continuously increasing its size and diversification.

‘With NEIF, NEIF II and NEIF III we are offering since 2010 a unique opportunity to institutional investors to increase their exposure to green certified Office investments in the Eurozone. In total, we have raised more than €1 bn, while reaching a Gross Asset Value close to €1.5 bn for the NEIF strategies.’

Built in 2009, the property is expected to achieve a BREEAM Very Good green certification by the end of this year, said BNP.

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