MADRID--(BUSINESS WIRE)--GreenOak Real Estate (“GreenOak”) has completed the acquisition of the 78,500 square meters (845,000 square feet) office complex ‘Las Mercedes’ from Standard Life Investments.
The office complex was opened in 2004 as of one of the largest and most innovative office complexes in Madrid. It is located at Calle Campezo 1, opposite Madrid’s Barajas Airport, in close proximity to Klepierre’s 70,000 square meter Plenilunio Shopping Centre, and has five buildings with 200-metre direct frontage to the freeway A-2. With 78,500 square meters (845,000 square feet), the complex comprises nine office buildings, as well as 1,650 parking spaces and private communal garden. Set on 4 hectares (9.88 acres), the asset offers tenants a broad range of amenities and services, including two cafeterias, a restaurant, a supermarket, a delivery and postal service, a gym, public transport links and its own shuttle bus service connecting the complex directly to Madrid.
Las Mercedes is currently home to a range of blue-chip occupiers, including Altran, Applus, the Spanish Medicines Regulatory Agency and Xerox. The complex offers tenants the flexibility to occupy space ranging from single floors to single-occupancy headquarter buildings.
John Carrafiell, Europe-based co-founder of GreenOak, said: “The acquisition of Las Mercedes Business Park, one of Madrid’s only master-planned office campuses, reflects GreenOak’s strategic focus: core Madrid sub-markets, excellent build quality and well-located assets, which are sought after by tenants. In light of its location, green environment, services, on-site amenities, and high-quality tenant roster, Las Mercedes is poised to become the premier choice for tenants in Greater Madrid. This acquisition is part of our ongoing strategic focus on the Spanish market and is well-timed to capture the surge in occupier demand we see targeting Madrid’s best sub-markets, on the back of rising prime CBD rents.”
Clifford Chance acted as legal counsel to GreenOak, and Jones Lang LaSalle and Gleeds acted as advisors in this transaction.
About GreenOak Real Estate:
GreenOak is an independent, partner owned, real estate focused principal investing, lending and advisory firm that seeks to create long term value for its investors and provide strategic advice to its clients. Formed in 2010, GreenOak is a highly focused global platform with an experienced and cohesive senior team. GreenOak possesses a long and successful track record investing in and managing real estate and advising clients on strategic mandates.
In Europe, since 2012, GreenOak has raised and invested or committed $750 million of equity, acquiring $1.3 billion in assets. In Spain alone, GreenOak has acquired 700,000 square meters (approximately 7.5 million square feet) in 21 separate transactions in logistics, office, retail and residential.
Since 2011, GreenOak has raised $4.6 billion of discretionary equity for real estate investment in Europe, the US and Asia. As of March 31, 2016, GreenOak has acquired approximately $8.2 billion of assets since 2011. GreenOak has offices in London, Madrid, New York, Los Angeles, Seoul, Tokyo and Luxembourg with dedicated teams having local knowledge, experience and extensive networks in each market.
For more on GreenOak, please see: www.greenoakrealestate.com.