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Zurich sold Albarracín 33 for €55M
17 December 2019 | Vanessa Sousa

Swiss Zurich sold office building Alberracín 33 in Madrid to the Ayuntamiento de Madrid (Madrid Municipality) for 55 million euro.

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With this operation, the Ayuntamiento de Madrid took advantage of its preferential purchasing right as the building’s main occupant. It is in this building that the Ayuntamiento has its IT, environment and mobility departments, as revealed by El Economista.

This purchase should represent a 25 million euro return for the municipality over the next 20 years, since the building’s average yield is 8.31%.

Zurich traded this building – located at Calle Albarracín number 33 within Madrid’s Madbit business district – through its subsidiary Rex Spain, which had the building in its portfolio for the last 3 years.

Besides this operation, Zurich also carried out two other operations in Iberia, but as an investor. One of these operations was the purchase of the Ilunion, a 5 office building portfolio located in Madrid, from Hispania for 163.5 million euro. The other operation was the purchase of the Santa Maria Building I in Lisbon, for more than 20 million euro.