French asset manager Primonial Real Estate Investment Management (REIM) has acquired a university campus in the Madrid area.
Financial details were not disclosed.
The 14,867 m2 building belongs to the campus of ‘Universidad Europea’ (European University) in Alcobendas, a town located 15 kilometres north of Madrid. The deal also includes a car park with 376 parking spaces.
The seller of the property is Spanish logistics developer and manager Montepino. This is the second transaction on which BNP Paribas Real Estate has advised Primonial REIM in Spain.
Benjamín Gómez, BNP Paribas’ associate director of investment in Catalonia, commented: ‘This type of asset, such as the European University’s campus in Alcobendas, combines quality buildings, reference tenants and attractive returns within the sector.’
‘Moreover, alternative educational assets have not suffered the compression of profitability,’ he added.