Starwood snaps up five prime Spanish offices

Global private investment firm Starwood Capital Group has acquired a portfolio of office buildings in Spain from US firm Oaktree Capital Management and German real estate management company Freo.

Financial details were not disclosed, but sources said that Oaktree had been looking to close a deal in the €160 mln range.

The portfolio includes five office buildings, three of which are located in the city of Madrid, one in Barcelona and one in Alcobendas (Madrid), and has a total combined area of 78,428 m2 and 1,323 parking spaces. The buildings are leased to tenants such as BBVA, Air France and Indra.

'The Spanish office market is maintaining good momentum with investors’ continued strong interest in assets in Madrid and Barcelona in particular, but more and more often also in secondary locations. We were happy to assist Starwood in tapping into this trend,' said Jesús Varela, head of real estate in Spain for Dentons, which advised Starwood.

PropertyEU's sister publication EuroProperty broke news of Oaktree's sale plans for the assets in April of this year.

The assets form part of the 'Boston' portfolio, which Oaktree and Freo acquired in 2017 from Spanish bank BBVA, before rapidly divesting some of its smaller properties. Over the past 18 months, several of the larger assets were refurbished and relet.

 

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