Gas Natural Fenosa has sold it’s signature buildings in Madrid in a major sale and leaseback operation worth over 200MM€.
The portfolio comprised 4 buildings with a total office area of approximately 55.000m2 of offices and 1700 parking spaces.
The buildings include the company’s Madrid headquarters at Avda San Luís 77 and the prominent office tower on Avenida de América 38, plus two smaller properties, Antoinio López 193 and Acanto 11.
Gas natural has agreed a lease contract for a minimum period of 10 years on all of the properties.
Yarrells Property, in the figure of Ian Cassidy, has coordinated the project from conception to conclusion, working with the property team at Gas Natural and liaising with sales agents Cushman and Wakefield and CBRE plus legal and technical internal and external teams.
Having gone to market in June 2016, inviting over 150 nvestors to take part, the sale was completed in December with the portfolio being split into two blocks. The San Luis HQ was sold to ZAMBAL SOCIMI S.L., a Spanish REIT managed by IBA Capital, whilst the rest of the portfolio was sold to a private investor.