Sale of Titán 4 building, Madrid
PRAMERICA instructed Cushman & Wakefield to dispose their property Titán 4, a 10300 m² office building located in Méndez Alvaro.
Cushman & Wakefield was mandated to sell an office property in Madrid. The Spanish market was in state of transition and there were very few investors active in the Spanish Market.
A sale strategy was designed to mitigate perceived risks and address all challenges, specifically location, single tenant and rental level.
Following selective marketing, seven offers were received. The profile of the interested investors covered both private family groups and international institutional funds. The level of offer was in line with the initial expectations. The purchaser was selected based on our recommendation on the party that would fulfill conditions and complete the transaction.
The deal was closed after the summer period and even taking into account the financial storm in August 2011.