Hispania has sold the 4,700 sq m Aurelio Menéndez office building in Madrid for a total of EUR37.5 million, equivalent to a price of EUR7,800/sq m.
The sale of the building represents a 39 per cent premium over the last valuation value of the last appraisaland signals the start of the company’s intiative to sells its entire office portfolio announced in February.
The building, located in Príncipe de Vergara area in Madrid’s Business District, was acquired by Hispania in October 2015 with the aim of making it one of the most unique office buildings in the city. At present, it is undergoing a full refurbishment by architect D Rafael de la Hoz which will bring it up to the highest standards of quality, functionality and energy efficiency, including BREEAM MB certification.
"The sale of the Aurelio Menéndez building shows Hispania's ability to identify assets in prime locations, reposition them to a higher level and attract first-line tenants with stable and long-term contracts. We are satisfied with the outcome of this investment and the important profitability it generates for our shareholders,” says Concha Osácar, Board Member of Hispania.
Source: PropertyFundsWorld