Greenoak buys and sells in Madrid's office market

London and New York-based investor Greenoak Real Estate is believed to have completed two major office transactions in Madrid, PropertyEU can reveal.

Greenoak, which was founded in 2010 by a trio of Morgan Stanley veterans, is to announce the acquisition of a prime office building located at Claudio Coello 123, in the Spanish capital's prime central business district.

The building, facing the Alfredo Mahou square, provides over 4,000 m2 over seven floors with underground parking facilities and will be comprehensively refurbished ahead of re-letting.

'Madrid continues to represent an exceptional office investment opportunity,' commented John Carrafiell, Europe-based co-founder of GreenOak. 'Madrid is in the midst of strong economic growth, yet rents are still well below past peaks.'

Since 2013, GreenOak has acquired 150,000 m2 of office space in Spain, totalling 20 separate buildings (17 in Madrid and 3 in Barcelona).

Separately, the company is understood to be finalising the sale of four office buildings in the Avalon business park in Madrid to Barings Real Estate for around €60 mln.

The assets, with a combined surface area of 21,170 m2, were acquired by Greenoak in 2015 from Banco Santander for €40 mln.

The Avalon Business Park comprises in total nine office buildings with 46,952 m2 in Julian Camarillo, a consolidated office sub-market within the city.

Barings already owns five office buildings which it bought earlier this year from local property firm Meridia Capital. The acquisition, which was made for a Pan European value add investment strategy on behalf of an institutional investor, had a value of nearly €73 mln.
Meridia originally bought the five assets in 2015 from the Fernández Fermoselle family for a price of €50 mln.

Barings and Greekoak declined to comment on the deal.


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