19 July 2018
Union Investment sells Pórtico office building in Madrid
Union Investment has sold the Pórtico office building in eastern Madrid to a fund managed by a French real estate investor. Comprising some 21,000 sq m of space, the property was constructed in 2005 and includes 413 parking spaces. It was acquired by Union Investment in 2008 and held in the UniImmo: Deutschland portfolio. The sale price of the property is above the most recent expert valuation. CBRE brokered the transaction on behalf of the vendor.
Pórtico is a seven-storey multi-tenant building located at 2 Calle Mahonia in the Campo de las Naciones submarket and was almost fully let at the time of sale. The largest tenants in the property include spirits producer Beam Suntory and cruise operator Pullmantur Cruises. Pórtico was designed by architects SOM of London and Rafael de La-Hoz of Madrid. The property’s sustainability is reflected in its BREEAM Very Good certification.
The sale of Pórtico means that Unilmmo: Deutschland is now no longer invested in Spain. Union Investment nonetheless continues to monitor the Madrid commercial property market for potential acquisition opportunities. At the beginning of 2018, the Hamburg-based real estate investment manager acquired a retail property at 16 Fuencarral in the centre of Madrid. Union Investment also holds two office properties and a hotel in Spain with a total value of around EUR 190 million in its actively managed real estate funds. All three properties are located in Barcelona.