October 23, 2017HENDERSON PARK ACQUIRES ICONIC MADRID OFFICE FROM REALIA INMOBILIARIA
- Acquisition of major refurbishment opportunity marks investment management platform’s entry into Spanish market –
23 October 2017: Henderson Park, the European real estate investment platform founded by Nick Weber, announces that it has made its first acquisition in the Spanish market with the purchase of the iconic “Los Cubos” office building in central Madrid from Realia Inmobiliaria.
Comprising 18,000 sqm space over nine storeys, Los Cubos is one of the most well-known and recognisable office buildings in Madrid. It benefits from a strategic location at the crossroad of M-30, the main ring road of Madrid and A2, the direct highway between city centre and the airport, in an area favoured by large domestic and international corporate occupiers.
Los Cubos is currently vacant and Henderson Park plans to undertake a full refurbishment of the building targeting latest standards in occupiers’ comfort and environmental performances and taking advantage of the growing demand for, and a constrained supply of, prime Grade-A space in the Madrid office market in general, and in the immediate vicinity of Los Cubos in particular. Work is expected to start in 2018 on the scheme in Q1 with delivery mid-2019.
Nick Weber, Founding Partner of Henderson Park, said: “As one of the most recognisable and iconic buildings in Madrid, we are very excited to be adding Los Cubos to our portfolio. It is also our first transaction in Spain where the country’s economic recovery, increasing growth in employment and job creation prospects give us the confidence to seek further opportunities in the Madrid region.
“The property is in a great location in a capital City where growing demand for grade A space is not being met by supply. We believe that there is an opportunity to unlock significant value from this landmark asset for our investors through the major repositioning and refurbishment programme our team is planning to commence early next year.”
For further information:
FTI Consulting: +44 (0)20 3727 1000
Richard Sunderland, Ellie Sweeney
About Henderson Park
Henderson Park is a real estate investment platform, recently launched by Nick Weber. Henderson Park is backed by three cornerstone investors: Stone Point Capital, Kuwait Investment Authority and Wafra Investment Advisory Group.
Henderson Park has been established to invest in European real estate, primarily targeting gateway cities and seeking investments in both assets and companies. Henderson Park will pursue opportunities across a wide variety of commercial real estate sectors.
Henderson Park is led by Nick Weber, its Founding Partner and CEO. Nick has over 20 years of real estate experience, including most recently as Head of Europe for Mount Kellett and previously at Goldman Sachs for 14 years, where he was a Partner and Co-Head of its European Special Situations Group.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
