The Spanish stock quoted company Gas Natural Fenosa sold the four office complexes in Madrid, for a total approximate volume of €207 million. The four business parks total around 57,000 square metres plus 1,695 parking spaces.
Gas Natural Fenosa sold these office properties and, simultaneously, signed a long lease contract for each of them. The buildings fit well Gas Natural Fenosas’s requirements, therefore it is their intention to remain in the premises and continue to occupy the properties in the long term, as they have since the construction of the properties.
Cushman & Wakefield advised the corporate occupier and owner of the premises in the largest lease & leaseback transaction in the city of Madrid for over 10 years.
The office portfolio includes two corporate headquarters owned by the multinational company in Madrid, Avenida San Luis 77 and Avenida de América 38, as well as their offices in calle Acanto 11-13 and its university and training campus in calle Antonio López 193.
The Avenida de San Luis 77 business park was purchased by the Zambal SOCIMI (IBA Capital), while the other three properties were bought by an international family office.
According to Vanessa Gevers, Partner of the Capital Markets Team at Cushman & Wakefield Spain, "the profile of this transaction, the quality and location of the assets and the profile of the vendor, occupier and, therefore, tenant did generate great interest from all type of investors from across the Globe. Structuring and closing a sale and leaseback transaction of four office business parks in Madrid within six months was a real challenge and a very exciting project".