CBRE closes 2015 with a market share of 49% for advisory in national capital market deals
“The latest year quarter has confirmed the 2015 positive trend. Investors’ preferences have focused on assets in big cities prime locations. Emblematic assets in CBD and other good locations attract core purchasers with a medium-long investment timeline.”
In Spain, Real Estate investment has continued to grow throughout 2015. The year looks set to end with a total investment volume of approximately €13bn, a figure which as forecast in the summer is 25% up on last year’s (2014).
The rate of investments has remained constant right to the end of the year, especially in the office market; the sector that has generated the most investment activity. The two latest deals to be closed have involved two office buildings located in Madrid: 4 Paseo de Recoletos and 120 Santa Engracia. This sector alone has moved a volume above €5.6bn in 2015.
CBRE advised GLL Real Estate on the sale of a majestic office building located on Madrid’s emblematic Paseo de Recoletos. The building, which was previously the Planeta Editions headquarters, has a total surface area of 3,704 sqm and 22 parking spaces and is easily distinguished by a unique dome and highly classical façade. The financial entity Abanca acquired the asset 100% vacant, with a view to setting up its Madrid offices in the property.
SANTA ENGRACIA 120
CBRE exclusively advised a private investor on the sale of the office building located at 120 Calle Santa Engracia (Madrid). The building has a total lettable surface area of almost 13,430sqm and 180 parking spaces. It has a floor surface between 1,500 and 1,800 sqm and currently houses the headquarters of well-known companies such as NH Hotels and Zeltia amongst others. The purchaser was the Spanish property company Colonial, paying a price of €67M.
These two deals conclude a year in which Spain has been characterized by foreign investor appetite, the significant role played by REITS and the lack of prime assets.