Reinhold International have paid Ptas 1,240m for an office development site of 2,000 m2 at the junction of Calle Principe de Vergara and Calle de Francisco Silvela in Madrid.
The site is to be developed with around 8,000 m2 of offices plus 120 parking spaces and the building is expected to let at about Ptas 2,300 per m2 a month.
ECPA members Invercame acted for Reinhold in acquiring the site from Spanish developers Lugarce.
Swedish property company Reinhold AB control Reinhold International, in which the other shareholders are Hufvudstaden and Skandia, Sweden’s largest property and insurance companies respectively.
