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Allianz Real Estate closes purchase of Castellana 200 building for €250M
03 April 2019 | Vanessa Sousa

The Castellana 200 building in the Spanish capital should have a new owner soon. Allianz Real Estate is about to close the asset’s purchase with its current owner, REIT Silvercode.

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For this acquisition alone, the Allianz Group’s asset manager will pay 250 million euro, informs Spanish newspaper elEconomista this Tuesday.

Located at the heart of Madrid, between numbers 198 and 206 at Paseo de la Castellana, this building includes several real estate projects of different typologies. Part of the asset, about 20.000 sqm of its GLA, is occupied by offices. 6.416 sqm are taken by commercial spaces and in an area of around 18.000 sqm, REIT Silvercode is developing a hotel in partnership with other investors, for which it has a controlling stake. The building also has a parking lot with 817 parking spaces.

The Spanish REIT, which is owned by Canadian fund PSP Britannia, acquired the building during the country’s real estate crisis, in 2014. According to elEconomista, Silvercode spent 144 million euro in this operation.

 

 

 

 

Photo: Eje Prime