The aim of the fund is to demolish the current hotel and develop a state-of-the-art office building, designed by the architecture studio Rafael de La-Hoz, which will have a leasable area of 8,100 m2 above ground. The new building will have great flexibility in its design and very high efficiency ratios, in addition to the Leed Gold certification that proves its energy efficiency and construction quality.
The properties acquired in this operation, located at number 17 of the Avenida de Europa, in the La Moraleja Business Park, comprise a real estate complex located in a submarket where large corporations, such as Pfizer, Acciona or Telefónica locate their main offices. It is one of the most important business centers in Madrid and the one with the highest demand for offices outside the M-30.
Arcano has already committed investments worth €173 million for its first real estate fund.