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GreenOak places Business Park Las Mercedes on sale
17 April 2019 | Vanessa Sousa

One of the largest business parks in the Spanish capital is for sale. Business Park Las Mercedes, currently owned by GreenOak, is for sale for a minimum 200 million euro.

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Between May and June, the American asset management company expects to receive proposals from the 60 investors, who have, so far shown interest in the asset, reveals newspaper El Confidencial this Tuesday. The company intends to close the deal before the beginning of the Summer.

9 office buildings, almost all of them fully leased, were set on an 80.000 sqm area north of Madrid. Currently, this complex hosts the headquarters of companies such as Banco Popular and Vodafone.

The same newspaper mentions that since 2016, when GreenOak became the owner of the space, the asset has been increasing its market value. Not only for having increased its rents, but also for having more tenants, 25% more in the last three years.

For this reason, the American company expects to sell the business park for an amount 40% higher than what it paid for it to Standard Life – around 140 million euro.

This operation will be carried out by its young REIT Go Mercedes and will be advised by consultant CBRE.