Realia buys and sells in Madrid
Spanish listed company Realia has bought an office for nearly €40m and sold industrial land for more than €40m in Madrid. The building, in the Arroyo de la Vega business park in Alcobendas in the north of the city, has been tenant BP’s Spanish headquarters since it was built. The deal reflects a yield of 4.9%. The land, in Carabanchel, was a non-strategic asset and earned Realia €13.5m.
Besson to keep mixed scheme
French film director Luc Besson has abandoned plans to sell a mixed-use scheme in north Paris. The Cité du Cinema project was put on the market by Besson’s listed company, EuropaCorp, for a figure believed to have been around €130m.
AEW acquires Paris tower
AEW Europe has bought an office tower in Paris for around €160m. The Winterthur tower in La Défense was sold by GE’s French operation. The 37,700 m2 asset, which went on sale in November last year, is occupied by AXA’s Swiss insurance arm Winterthur and electricity company EDF. GE was advised by Catella.
hausInvest in €87m office deal
Commerz Real’s hausInvest europa fund has spent €87m on an office project in Paris. The 13,000 m2 Porte de Clichy development in the north of the French capital was sold by Euroéquipements SAS.
Standard Life to launch fund
Standard Life is marketing a European development fund. The fund will invest between €600m and €700m including debt and equity and is targeting a net IRR of 17%.
