GIC Real Estate, the property investment arm of the government of Singapore has won the race to buy the US computer giant IBM’s HQ building at San Hortensia 26-28 in Madrid and an industrial facility with redevelopment potential at San Fernando de Henares.
The price is not being revealed but is thought to be around €180m (Pts30bn) and the yield on the San Hortensia building is estimated at 6%. There was fierce competition for the investment, which IBM has leased back.
Reportedly, Anglo-Spanish jv Grupo Lar Grosvenor, fund manager Orion Capital Managers and US investor Blackstone were chasing the property along with GIC.
It comprises 40,000m2 of offices, 6,200m2 of technical space and 1,000 parking spaces. The industrial space at San Fernando de Henares will be redeveloped and there is potential for 45,000m2 at the site but IBM is unlikely to lease back all of this space.
In the Madrid deal, Colliers Auguste Thouard advised the vendor.
