Merlin Properties Socimi has closed the sale of Parque Empresarial Trianon, in Madrid, to Portuguese insurer Fidelidade Sociedad Gestora for around €60 million, according to market sources. With this deal, the Socimi is divesting an asset of 18,400 square metres as part of its divestments during 2022.
The transaction is part of the sale of non-strategic assets. The office complex is located in Madrid’s Hortaleza district, next to the M-30 and the M-11 motorway. The park was owned by Metrovacesa and in 2016 became part of Merlin’s portfolio. In the first half of the year, Merlin has closed sales worth €111.2 million in four office buildings, one commercial property and a minority stake in another office property. Fidelidade, for its part, acquired two office buildings in Madrid and Barcelona for EUR 70 million before the summer. Fidelidades’ strategy is to invest in core and core+ assets in the Iberian Peninsula in the office segment.
Araoz & Rueda advised Fidelidade on this deal with a team formed by Real Estate head partner Jesús Conde, and integrated by partner Eduardo de León and associates Inés Hevia Arias, Pablo González Lucas, Andrés Máiz and Luis Concejo Giner.