Baring picks up Madrid 'value-add' office

Global real estate investment manager Barings has acquired an office property in Madrid in a value-add play on behalf of institutional investors.

Financial details were not disclosed.

The property, at Calle Severo Ochoa 2, is located in Las Rozas Business Park in Madrid, Spain, a popular commuter location well-connected to Madrid's city centre, according to Barings.

Designed by architect Julio Cano Lasso, it comprises around 12,700 m2 of office space plus 350 parking spaces, and is the headquarters for ING Direct in Spain.

'This is a rare opportunity to acquire an award winning office building in an under-supplied submarket which is set to benefit from continued strong occupier demand and rental growth,' said Adolfo Favieres, managing director, real estate country head Spain at Barings.

'La Rozas Business Park is a well-established business hub with historically high occupancy rates. It benefits from excellent connectivity, design and amenities to make it an attractive location for business, and presents an opportunity to add value for our investors,' Favieres concluded.

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