Ibervalles acquires office building in Madrid for €40m

Spanish real estate developer Ibervalles has acquired the Arbor office building in Madrid from US investment firm Kennedy Wilson for €40 mln, entirely financed from its own funds.

The 9,580 m2 property in the Arturo Soria area of the Spanish capital consists of two blocks, eight floors and a built-up area of 19,733 m2, as well as 310 parking spaces over four underground floors.

It is currently leased to various tenants, with 100% occupancy.

Ibervalles does not plan to invest in the repositioning of the asset, as it was fully refurbished in 2017.

The space is flexible, with areas of 1,350 m2 on the first to sixth floors and 740 m2 on the eighth floor.

In terms of sustainability, the building features both LEED Gold and WiredScore Gold certification.

Kennedy Wilson acquired the asset from Merlin Properties in 2021 and sold it for the same price it paid originally.

The transaction, brokered by CBRE, is Ibervalles’ first since its debut on BME Growth on 27 July and its fourth in 2022.

Earlier this year, the developer added the Josefa Valcárcel 24, Alcalá 506 and the Hotel Vía Castellana buildings to its portfolio, which currently consists of properties valued at €250 mln, with a gross leasable area of 71,500 m2.

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