Financial details were not disclosed, but Union said that the sale price of the property was above the most recent valuation. It is believed that the asking price was €130 mln.

Comprising some 21,000 m2 of space and 413 parking spaces, the property was developed by US developer Hines and Madrid-based builder Monthisa and completed in 2005.

Union Investment bought the asset in late 2008 in a €115 mln sale-and-leaseback deal with the Spanish tourism and transportation conglomerate Marsans, which used it as its global head office. The transaction was the first acquisition in Spain for Union Investment's UniImmo: Deutschland fund.

The asset is a seven-storey multi-tenant building located at 2 Calle Mahonia in the Campo de las Naciones submarket and was almost fully let at the time of sale.

The largest tenants in the property include spirits producer Beam Suntory and cruise operator Pullmantur Cruises. Pórtico was designed by architects SOM of London and Rafael de La-Hoz of Madrid. The property’s sustainability is reflected in its BREEAM Very Good certification.

The sale of Pórtico means that Unilmmo: Deutschland is now no longer invested in Spain, but the company said it continued to monitor the Madrid commercial property market for potential acquisition opportunities.

At the beginning of 2018, the Hamburg-based real estate investment manager acquired a retail property at 16 Fuencarral in the centre of Madrid. Union Investment also holds two office properties and a hotel in Spain with a total value of around €190 mln in its actively managed real estate funds. All three properties are located in Barcelona.

CBRE brokered the transaction on behalf of the vendor.