Kennedy Wilson snaps up Madrid office building

Kennedy Wilson Europe’s Real Estate Fund II has announced the acquisition of the Ulises 16-18, office building in Madrid, Spain from Merlin Properties for a price believed to be around €40 mln.

Ulises 16-18 is located in the affluent Arturo Soria district in the northeast of Madrid, an established office market and home to major international corporations including the likes of BNP, Allianz, and AXA. The 103,000 sq ft Leed Gold-certified building, arranged over eight floors, was comprehensively refurbished in 2017.

‘This transaction presented an attractive opportunity to acquire a high quality, centrally located and green-certified office building,’ said Cristina Perez, head of Spain at Kennedy Wilson Europe. ‘With a near term leasing opportunity on 58% of the space and the ability to capture further rental upside in the medium term, Ulises provides a compelling value-add opportunity. We are confident that the strong occupier demand for well-located buildings in less urban areas with strong environmental credentials will continue, while the lack of future development activity in this key business district underpins our investment thesis for Fund II.’


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