Cushman & Wakefield advises do Zurich in the purchase of five office buildings in Madrid

Click to Enlarge

Zurich Seguros announces that it has completed, through its real estate subsidiary Rex Spain ZDHL SL, the acquisition of five office buildings in Madrid that are incorporated into the property portfolio of the insurer manages in Spain . The assets have been acquired acquired  to Hispania Activos Inmobiliarios, a real estate company belonging to the US investment bank Blackstone Group , for an amount of 163.5 million euros.

The purpose of this acquisition is to take advantage of the positive evolution of the office rental market in Madrid and expand the portfolio of real estate assets in Zurich with high added value properties in central locations with high demand.The properties acquired by Zurich they are the Mizar Building and the Torre 30 Building, both on Albacete Street; Building Pechuán 1 , next to Principie de Vergara and buildings CA5 and Torre Oasia , located on Azcárraga street in the capital.

Together, the five buildings total 31,000 m2 of office space, which are currently fully occupied with long-term rental contracts .

In addition, four of the buildings purchased by Zurich were completely remodeled between 2011 and 2016, and have the BREEAM® sustainable construction certification. The sale has been advised by the real estate consultant Cushman & Wakefield and in the legal part by the Roca law firm & Junyent.

 For Riccardo Cobianchi , Regional Investment Manager for Southern Europe of Grupo Zurich , " this investment It fits with our objective of acquiring mainly solid and relevant assets in privileged locations. It is also proof of our confidence in the long-term prospects of the Spanish real estate market and especially that of Madrid, which is one of the most interesting cities for this type of asset. "

 For its part , Salvador Perez Soto, Head of Real Estate in Iberia Zurich, emphasizes that "s e is a high quality portfolio, with stable tenants and provides the opportunity to create added value through a strategy of active management of the properties.This acquisition demonstrates the importance of having a real estate team dedicated to identifying and acquiring outstanding properties in competitive markets in order to create value for our investments. "

Vanessa Gevers, partner and Head of Capital Markets Madrid from Cushman & Wakefield, "considers to of what The operation "reinforces the real estate portfolio of Zurich in a moment of Office segment growth and high demand by companies to settle down in Madrid . The five assets acquired represent a strategic commitment of the insurer for a segment with great potential for generating performance and creation of value " .

The last major real estate operation carried out by Zurich in our country was the purchase of a 1,648 m 2 office building in the center of Barcelona last October. With the five buildings now acquired in Madrid, the insurer has a real estate park in Spain and Portugal valued at 1,000 million euros.