Prelios SGR S.p.A.

12/13/2021 | Press release | Distributed by Public on 12/13/2021 07:31

Ardian, together with Prelios, acquires 13,200 sqm office building in Méndez Álvaro, Madrid, Spain

Ardian, together with Prelios, acquires 13,200 sqm office building in Méndez Álvaro, Madrid, Spain

The building is located in one of Madrid's highest growth potential area in the office sector. It has approx. 13,200 m2 distributed across 15 floors, in addition to 225 parking spaces.

The deal represents Ardian Real Estate's second acquisition in Spain, and fits perfectly with the Group's strategic focus: the purchase of well-located buildings with strong potential for repositioning through active management.

The investment was made through an Italian umbrella Sicaf wholly owned by Ardian and managed by Prelios SGR.

Ardian, one of the world's leading private equity firms, has closed its second real estate investment in Spain, with the purchase of an office building in Madrid's Méndez Álvaro area from BNP Paribas Group. Méndez Álvaro is a consolidated residential, commercial and office area within the M-30, with excellent connections to the airport, Atocha and Méndez Álvaro stations. It is also home to the headquarters of several multinationals in Spain, including Amazon, Repsol, Mahou and JustEat. The parties have agreed not to disclose the financial details of the transaction.

The building, built in 1993, has a surface area of approximately 13,200 m2, distributed over 15 floors, and 225 parking spaces.

The investment was made through a dedicated investment platform controlled by a multi-compartment Italian real estate Sicaf, wholly owned by Ardian and managed by Prelios SGR, one of the leading asset management companies in Italy.

Ardian's local team will work on a comprehensive asset refurbishment programme with the aim of repositioning it into a building that meets the highest international standards of comfort, wellbeing, sustainability and efficiency, meeting the needs and demands of current and future tenants.

The acquisition of this building is in line with Ardian Real Estate's strategy, based on value creation through active asset management, with the aim of improving facilities, asset performance and, ultimately, developing their full potential.

The transaction, Ardian Real Estate's second in Spain, follows the one announced last July, when the firm acquired a 10,000 m2 building located near AZCA, Madrid's historic financial centre.

"The acquisition of this building reinforces our commitment to Spain. It represents a unique opportunity to acquire a highly visible asset within the M-30, in a location with strong fundamental and potential, and with the opportunity to actively reposition the property into a building of the future, said EDMUND EGGINS, HEAD OF SPAIN FOR ARDIAN REAL ESTATE

"The Ardian Real Estate team in Spain has been working these last months analyzing many opportunities, and today we can say that we have closed a great deal together with BNP Paribas. For us, Spain, and in particular Madrid and Barcelona, continues to be a very interesting market, and we expect to continue to grow our portfolio in the coming months.", said RODOLFO PETROSINO, HEAD OF SOUTHERN EUROPE FOR ARDIAN REAL ESTATE

"We are proud to continue the investment process in Spain with Ardian Real Estate. We have valued 2021 activity implementing the platform dedicated to investment transactions in Spain, through specialized vehicles wholly owned by AREEF 2 - SICAF S.p.A., held by ARDIAN and managed by Prelios SGR. This is the second transaction in Spain in six months, reaching over 100 million Euro, and this confirms that Prelios SGR also operates in markets other than Italy", said PATRICK DEL BIGIO CEO OF PRELIOS SGR.