Urbanitae and Freo Group have completed the acquisition from Princeton Real Estate Partners of an office building located at 7 Mazarredo Street in Madrid. The transaction has been structured through a joint venture established by both companies.
The asset has a gross leasable area of 3,967 sqm, spread across four floors dedicated to office use. It is currently fully leased to Spaces, part of the IWG group, under a contract in place until June 2027.
The property is located within Madrid’s M-30 ring road, close to the Royal Palace and the Almudena Cathedral. According to information provided by the companies, the submarket has an office vacancy rate of around 2.4%.
The joint venture plans to implement a value-add strategy for the asset, including a CapEx investment programme aimed at improving its ESG characteristics and repositioning it in the market. The objective is to adjust rents to current Madrid office market levels, in a context of limited supply and rising rental prices, according to the companies.
Funds contributed by Urbanitae investors and co-investors will be mainly used to finance the acquisition and certain transaction-related costs not covered by bank financing.
Garrigues advised the buyers on legal and tax matters, CBRE acted as commercial advisor, and Nurbex together with Xeito Arquitectura provided technical advisory services. On the seller’s side, the transaction was advised by VGevers Capital Markets, with legal support from Belda, Bordón y Merodio Abogados.
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