Colonial has sold seven office buildings and a turnkey project in Madrid for a total price of 441 million euros, sales that have been made with a premium of 12% on the last valuation, reported this Friday the real estate.
Episo 4, a fund advised by the European real estate investment manager Tristan Capital Partners, has purchased together with its partner Savills Investment Management a portfolio of six office buildings of 78,000 square meters. These buildings are located outside the business district of Madrid: Campo de las Naciones, Josefa Valcárcel and Arroyo de la Vega, as well as Agustí de Foxá, in the district of Chamartín.
Further, Colonial has also reached an agreement with Grupo Catalana Occidente to sell a turnkey project of 20,000 square meters on the site that it acquired in the framework of the Alpha III project, last January, a project that is located in the Méndez Álvaro office market.
The total assets sold by Colonial have a gross leasable area of 106,574 square meters and they are located mostly outside the central district of the city. The buildings are non-strategic assets for the company outside the M-30, mature assets and the project in the Castellana Sur / Mendez Álvaro area.
The socimi explained that it has divested assets that, after a recent real estate transformation, have reached high levels of occupation and the maximum point of the creation cycle of real estate value.
The funds received for the divestments will be mainly destined to fInance the portfolio of high-quality office projects of 320,000 meters of surface area and the company's purchasing program. The net indebtedness of the group after the divestment of these assets will be below 40%.
According to the CEO of Colonial, Pere Viñolas, these divestment operations are part of his strategy of «Focus» on prime assets with the highest added value, where the demand and the growth of value are more "remarkable".
Colonial explained that the operation of selling these assets has been made taking advantage of the good moment that lives the market of investment of offices in Spain, and that since the company identified these assets for sale and potential investors have passed 4 months. Among the buyers is Real IS, in addition to Tristan Capital Partners and Grupo Catalana Occidente.
On the other hand, Colonial eThe construction of the other great project «Méndez Álvaro Campus» will begin in the next few months, which has a surface above ground of 90,000 meters and will house the largest office complex inside the M-30.