Amundi Real Estate, on behalf of the funds it manages, acquired “Alcala 544 and 546”, two office buildings with a total area of 30,000 m² in Madrid, from BNP Paribas Immobilier Promotion IE and Therus Invest, as part of a Forward Purchase Agreement.
Designed by the architectural firm, Fenwick Iribarren, “Alcala 544 and 546” will respectively develop rental areas of 10,000 m² and 20,000 m² on 6 levels, surrounded by gardens and terraces. The 2 buildings will be LEED B+C Platinum certified on completion.
The Alcala 546 building is pre-let to a triple-A tenant, a world leader in the cosmetics industry, under a long-term lease. Its completion is scheduled for the fourth quarter of 2022.
Jean-Marc Coly, Chief Executive Officer of Amundi Real Estate, said: "We are delighted to consolidate our presence in Spain with the acquisition of “Alcala 544 and 546”, following a first acquisition in 2018 of the Portico building in Madrid and a second in 2019 with SA65 in Barcelona. This new transaction reflects our strategy of investing in Core/Core+ assets and demonstrates the strong development opportunities we are seeing in the international real estate market.”
Thierry Laroue-Pont, Chairman of the Management Board of BNP PARIBAS REAL ESTATE, added: "BNP Paribas Real Estate is proud to sell these two operations developed in co-promotion with our partner Therus Invest to Amundi Real Estate, a major client of the Group. These LEED Platinum buildings, located close to the underground station, will be a market benchmark for investors going forward."
AmundI Real Estate was advised by DLA Piper on the legal and tax aspects, Mace on the technical aspects and was supported by L’Etoile Properties Ibérica throughout the transaction process.
BNP Paribas Real Estate Development and Therus Invest were advised by BNP Paribas Real Estate on the commercial part and by the law firm Pérez Llorca on the legal aspects.
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