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Insur recovers 40% of Río 55’s Northern building
10 March 2020 | Vanessa Sousa

Grupo Insur has already closed the deal to acquire 40% of developer IDS Manzanares, which controls the Northern Building located within the Madrid Río 55 business complex. Family Moya-Yoldi, owner of brand Persán, was responsible for the sale.

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With this acquisition – which is included in the group’s statement of accounts from last year –, Insur now controls 90% of this building. This transaction is, in fact, a repossession. In July 2018, Insur had sold exactly the same share of this complex to Moya Yoldi for 70 million euro. The trading amount of the new operation was not disclosed.

The aim of this acquisition is to «increase the company’s portfolio», which between 2018 and 2019 grew 12.5%, reaching 13 million euro. The Northern building is currently fully occupied by Cetelem (BNP Paribas), revealed the document.

In assets for own use and for the rental market alone, Grupo Insur has a Gross Asset Value of 298.1 million euro. When the assets for development are included this amount reaches 391.5 million euro.

Also in 2018, the Edifício Surdo building located in the same business park – which at the time was still under construction – was also sold to a Europe Value Investors Fund, controlled by AEW for 43 million euro.