Madrid business park 'nears €200m sale to US fund'

US fund Starwood Property Trust is poised to buy a major business park in Madrid, Spain, according to reports.

Seller BentallGreenOak could achieve up to €200 mln on the deal for the Las Mercedes site, said local media.

Located near Barajas airport in the capital city and comprising 79,000 m2, the complex features nine buildings, 1,650 parking spaces and an occupancy rate of just under 85%. Tenants include Xerox and the Spanish State Medicines Agency.

The seller bought Las Mercedes in 2014, paying €140 mln and then carrying out a renovation.

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