UK property group Grosvenor has returned to commercial investing in Spain with the acquisition of an office building in Madrid from Blackstone for close to €80 mln.
The Moraleja Building One in Alcobendas business park, north of the city centre, comprises 22,130 m2 and is mainly let to Citibank.
The property is the first of five assets – three in Madrid and two in Barcelona – which Blackstone is seeking to sell via socimi Corona Patrimonial.
The US alternatives giant has spent the last five to six years accumulating one of the largest real estate portfolios in Spain and is now starting to cash in on some of the assets.
According to Spanish newspaper El Economista, Blackstone is seeking to generate a total €220 mln from the sale of the 5-asset Corona portfolio. This would represent significant capital gains on the original investment; the US group purchased the assets (with the exception of the Delta Nova complex) for around €135 mln from CBRE Global Investors in 2014.
JLL and Savills are advising on the sales process.