Malaga office trades for €23m in significant single asset deal

A standalone office in the Andalusian Technology Park in Málaga, Spain has traded for €23 mln after insolvency proceedings were triggered.

The high profile office building, Alei Center I, was constructed in 2008 and it has a total area of 13,500 m2 distributed across five office floors, one restaurant, four warehouses and 487 parking spaces.

It forms part of a complex comprising two twin buildings and is fully let to OP Plus, BBVA’s operational back office services company.

Colliers International Spain acted as financial and real estate advisor to the international private investor that purchased the property.

'We are very pleased to have been able to close a transaction that was particularly complex as it came from the insolvency situation, and in which we have advised our client during the whole process on the financial strategy of the transaction, due diligence and the subsequent management of the property,' said Álvaro Alonso, managing director of Colliers International who guided the transaction.

'This transaction shows that Málaga is an attractive market for real estate investment due to its dynamism, potential and as the alternative of more mature markets and with more adjusted yields, as well as the Andalusian Technology Park as a reference of quality spaces and leading companies in their sector,' added Iñigo Molina, director of Colliers Andalucía, concludes.

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