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| Realia buys an office building in Madrid Spanish real estate firm Realia has bought an office building in the Arroyo de la Vega business park, in Alcobendas (Madrid), for 38.5 million euro. The company also sold a plot of industrial land in Carabanchel (Madrid). The newly-acquired building is currently under a long-term lease to a single tenant: BP Oil. The lettable floor area, comprised of offices and service areas, is 8,856 m²; there are 243 parking spaces. As a result of this deal, Realia has expanded its rental portfolio in Spain to 241,000 m². Realia also has 135,753 m² (gross lettable area) of office space in Paris through its listed subsidiary, SIIC de Paris. The Arroyo de la Vega building was built on a turnkey basis for BP Oil to house its Spanish headquarters. The building is located in one of the most desirable business districts of northern Madrid, where prices are expected to appreciate considerably over the next few years as new buildings are completed. It generates annual revenues of 1.9 million euro, secured by a lease which expires in 2011; given its location, potential for revenue appreciation is estimated at over 18%. Realia has also sold an industrial plot in Calle Aguacate, Carabanchel (Madrid) which has permission for 48,627 m² of building. The plot was sold because the company had designated it as non-strategic. The sale price was 40.5 million euro, 1.4% higher than CB Richard Ellis' valuation, and capital gains amounted to 13.5 million euro. write your comments about the article :: © 2008 Construction News :: home page |