South Korean funds secure prime Spanish asset from Blackstone for €180m

South Korea’s Kiwoom Securities and Inmark Asset Management have acquired Helios, the new headquarters for Ing Bank in Madrid, from Blackstone-controlled Reit Hispania Activos Inmobiliarios.

Financial details were not disclosed, but well-informed market sources told PropertyEU that the asset traded for around €180 mln, in a deal brokered by advisor Avison Young. The sources said the deal is likely to be one of the largest single asset transactions in the Spanish market for 2020.

Avison Young declined to comment.

Ing is consolidating its existing offices in Madrid into the newly-built Helios, which extends over a total gross lettable area of roughly 35,000 m2 with 770 parking spaces. The Dutch bank will occupy the entire office complex and has agreed to an innovative long-term lease structure.

Penny Hacking, principal, European capital markets at Avison Young, advisors to the buyers, said: 'South Korean institutional investment in European markets hit an all-time high last year, totalling more than all other Asian investors put together.

'The Madrid office market is currently also a very attractive destination for international investors and there is strong competition for scarce, high-quality sustainable assets such as Helios.'

Howard Kim, manager, Inmark Asset Management, said: 'We are delighted to have acquired our first outstanding asset in Spain through the exceptional support and advice from Avison Young in Europe and Korea and TC Gabinete in Spain. We look forward to working with them on more opportunities across Europe in the near future.'

Helios was constructed in 2019 and awarded the highest Platinum sustainability ranking under the US Green Building Council LEED rating system. The office complex’s sustainable design means it should achieve an average 40% reduction in energy and water usage in the future compared to more traditionally designed offices.


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