Amundi acquires two Madrid office buildings from BNP Paribas

Amundi Real Estate has acquired two office buildings in Madrid – with a total floorspace of 30,000 metres-squared – from BNP Paribas Immobilier Promotion IE and Therus Invest.

Posted Thursday, September 17th 2020
Amundi acquires two Madrid office buildings from BNP Paribas

Jean-Marc Coly (top) and Thierry Laroue-Pont

The deal, which took the form of a forward purchase agreement, involved the transfer of the buildings ‘Alcala 544 and 546’.

The buildings, which will be redesigned by architectural firm Fenwick Iribarren will have rental space of 10,000 metres-squared and 20,000 metres-squared on six levels. They will also include gardens and terraces.

The Alcala 546 building is pre-let to a cosmetics industry client under a long-term lease – the tenant will occupy 18,000 square metres.

Amundi Real Estate was advised by DLA Piper on the legal and tax aspects of the deal, Mace on the technical aspects and was also supported by L’Etoile Properties Ibérica throughout the transaction.

BNP Paribas Real Estate Development and Therus Invest were advised by BNP Paribas Real Estate on the commercial part and by the law firm Pérez Llorca on the legal aspects.

Jean-Marc Coly, chief executive officer of Amundi Real Estate, said: "We are delighted to consolidate our presence in Spain with the acquisition of “Alcala 544 and 546”, following a first acquisition in 2018 of the Portico building in Madrid and a second in 2019 with SA65 in Barcelona. This new transaction reflects our strategy of investing in Core/Core+ assets and demonstrates the strong development opportunities we are seeing in the international real estate market.”

Thierry Laroue-Pont, chairman of the management board of BNP Paribas Real Estate, added: "BNP Paribas Real Estate is proud to sell these two operations developed in co-promotion with our partner Therus Invest to Amundi Real Estate, a major client of the Group. These LEED Platinum buildings, located close to the underground station, will be a market benchmark for investors going forward."