Square Asset Management, through its Property Core Real Estate Fund, has completed the acquisition of the 521HUB office complex, located at 17-19 Marie Curie Street, in Rivas-Vaciamadrid, Madrid. CBRE advised the seller on the transaction.
The asset has a total floor area of approximately 44,000 sqm and comprises two identical office buildings, both eight floors high, developed on a plot of 19,377 sqm.
The business park is located in Rivas-Vaciamadrid, a town situated 15 kilometres from the centre of Madrid, next to the A-3 motorway. The area forms part of a new development zone featuring retail facilities and a newly built residential estate, as well as public transport and road links.
Ignacio Forcada, Head of Office at CBRE Capital Markets, noted that “the completion of this transaction demonstrates that there is investor appetite for office assets with potential for value creation, even outside traditionally established office markets. The sector continues to show strength in the capital, with a clear revival in demand and investment”.
In legal terms, the seller was advised by A&O Shearman, while the buyer was advised by Garrigues. Arcadis acted as technical advisor to the buyer.
