Colonial sells three office buildings in Madrid to Prallariz for €300m

Spanish property group Colonial has sold three office buildings in Madrid to Spanish family office Prallariz for €300 mln.

The buildings have a combined gross leasable area of 35,000 m2 and are located in the financial centre of the Spanish capital, namely on 9 Calle Almagro, 56 Calle José Abascal, and 11 Calle Miguel Ángel.

The highlight is the Calle Almagro asset, which has been completely refurbished by the architect Antonio Ruíz Barbarín.

With a gross leasable area of 15,094 m2 distributed over eight floors and 201 underground parking spaces, it has excellent natural light, open waiting areas, a private interior courtyard and an auditorium for 140 people.

The office building at 56 Calle José Abascal consists of spaces to let from 640 m2 to 937 m2 in addition to commercial premises of 1,450 m2 on the ground floor with independent access to the street and its own car park.

The property at 11 Calle Miguel Ángel features a double-glazed façade, and the offices are structured around a central core with three elevators, in a space to let of up to 800 m2 spread across seven floors.

The ground floor is divided into three commercial premises with direct street access and the car park is located in the below grade floors.

The sale of the office buildings is part of Colonial’s divestment plan that was launched at the end of 2022 and will continue throughout the first part of 2023.



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