Further DIFA-GRUND investment in Spain

Further DIFA-GRUND investment in Spain

Hamburg-based DIFA Deutsche Immobilien Fonds AG has chosen the up-and-coming office location of Arroyo de la Vega, just north of Madrid, to make its fourth Spanish investment for DIFA-GRUND. The new five-storey “Amura” building was only completed in June of last year. Offering some 18,000 square metres of office space, it benefits from excellent access to the N1 motorway that connects Madrid and Bilbao. In a tough market environment characterised by a high level of vacancies, a general lease guarantees DIFA stable rental income and attractive returns for the next five years. Amura features efficient, open-plan space with flexible air-conditioning options and a room depth of 13.5 metres, tailored specifically to the requirements of the local office space market. Gonzales Byass, a leading Spanish beverages specialist, is already using the property as its headquarters.

From being a satellite location just three years ago, Arroyo de la Vega has evolved into an integrated office location. The development of new residential areas between Madrid, Alcobendas and San Sebastián has encouraged major companies including Toyota, BP, Mercedes and Volkswagen to establish their main offices here. “Madrid continues to expand northwards, a trend which is reinforced by the eagerness of local authorities such as Alcobendas to attract businesses, and the speed with which they grant planning permission,” says Dr. Reinhard Kutscher, the DIFA Management Board member responsible for business outside Germany. He cites the plans for a metro link as an additional catalyst for Arroyo de la Vega, while stressing the special nature of this investment: “Amura offers a rare opportunity to make an anti-cyclical investment in a new office location that already enjoys widespread acceptance, without the uncertainty of having to find tenants.”

Part of the Union Investment Group, DIFA also has exposure to the Spanish market in central and eastern Madrid through the Suero de Quiñones and Calle Julián Camarillo office properties. In addition, the company is tapping into the development potential of Barcelona’s new Diagonal Mar district by backing the spectacular 14-storey Torre Diagonal Mar currently under construction on the Mediterranean coast. After completion in September 2004 this office block will provide some 23,000 square metres of space. The acquisition of the Amura property in Alcobendas increases the share of DIFA-GRUND real estate assets located outside Germany to 48 per cent, with Spain accounting for 3.6 per cent (as at 31 December 2003).

Press contact

DIFA Deutsche Immobilien Fonds AG

PR/Communication

Fabian Hellbusch

Caffamacherreihe 8, 20355 Hamburg, Germany

Tel: +49 40 3491 9160, Fax: +49 40 3491 9190

Internet: www.difa.de

E-mail: fabian.hellbusch@difa.de