Starwood Capital swoops on Spanish assets for €125m

Affiliates of global private investment firm Starwood Capital Group have acquired the Omega office park in Madrid and the Pallars office park in Barcelona from affiliates of investment manager Autonomy Capital for €125 mln.

The Omega office park consists of four out of six buildings, comprising approximately 33,458 m2 of gross leasable area in Omega Business Park located in Madrid’s A1 corridor. The Pallars office park is a fully let grade A office building, comprised of 12,631 m2 of gross leasable area, in Barcelona’s 22@ tech district.

'We are excited to add two high quality assets to our Spanish office portfolio, allowing us to further increase our exposure to the exciting office markets of Barcelona and Madrid. We look forward to accelerating the portfolio’s positive letting trajectory through Starwood’s dynamic asset management approach,' said Francesco Zanella, vice president at Starwood Capital Group.

'The sale of the Omega and Pallars office parks underscores Autonomy’s ability to successfully execute on our strategy of acquiring and adding significant value to transformational real estate projects in Spain. I am excited about the growth prospects of the Spanish economy, and look forward to continuing to identify attractive real estate investment opportunities across the country,' said Robert Gibbins, chief investment officer of Autonomy Capital.

Autonomy Capital was advised by Clifford Chance and CBRE. Starwood was advised by DLA Piper.


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