The Management Company for Assets Arising from the Banking Sector Reorganisation (Sareb) has sold an office building in Madrid for €51 million. The buyer is the Socimi Axiare Patrimonio, which has purchased a property located in one of the best business areas in the city, at the junction of Padilla and Velázquez streets. The property comprises 10,700 sqm of office space, arranged over seven above ground floors and includes 85 parking spaces. The property is 92% occupied by tenants such as N+1 and Westinghouse.
This transaction is a significant milestone for Sareb in its disposal of commercial properties and comes on the back of the sale of the FAB Corona property portfolio at the end of last year. Over recent months, the Company has sold more than 50,000 sqm of office space in the capital, valued at more than €130 million.