Grosvenor buys Madrid headquarters office building

Grosvenor has bought a second office investment in Madrid as the UK property company continues its return to commercial investing in the Spanish capital.

Grosvenor has paid close to €47 mln to secure a 9,000 m2 headquarters building in a sale-and-leaseback transaction with Spanish engineering group Idom.

The office, in Montecarmelo, was developed in 2011-2012 as one of the most energy-efficient properties in the capital.

Idom has also completed a second sale-and-leaseback with a different buyer, in Bilbao. Spanish insurance group Catalana Occidente is believed to be the purchaser of the 12,000 m2 Basque asset on the city's Duesto canal, paying €43 mln-€44 mln.

In both cases, Idom has taken new long leases. Savills advised Idom.

Last April, Grosvenor acquired Moraleja Building One in the Alcobendas business park in Madrid from Blackstone.

Grosvenor paid approximately €80 mln for the 22,130 m2 property which is mainly let to Citibank.

A spokesperson for Grosvenor said: ‘We are committed to driving sustainability across our European portfolio and consider the current and potential sustainability credentials of buildings in all investment and development decisions.’  

In the last three years, the group has also bought residential developments in Madrid, as part of a diversification of its retail-heavy European portfolio.

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