The office sector continues its recovery thanks to the favourable economic forecast and growth in employment, a tendency expected to continue in the short and mid-term. CBRE estimates that in 2018, the Madrid market will absorb an additional 600,000 m2 of office space and in Barcelona take up is expected to reach 350,000 m2.
This positive trend has motivated DRAGO to continue betting on this sector and has entered into a joint venture agreement with STARWOOD CAPITAL GROUP, global investment firm, to acquire San Fernando Business Park from Oaktree Credit. In this JV DRAGO brings to the table the value creation experience and know-how of its Asset Management team.
San Fernando Business Park counts on almost 87,000 m2 of office space and is located close to one of the most important logistics and distribution hubs of Madrid. It was built in 1992 and expanded in 2009. It has over 60 tenants including top tier companies such as Coca-Cola, Indra, Mitsubishi, Volvo or Continental. The business park is comprised of 13 buildings situated in a privileged location along the “Corredor del Henares”, area which is experimenting significant growth.
The park is just five kilometres from the Adolfo Suarez Madrid Barajas Airport, at the interchange between the A-2 highway and the M-50 loop, one of the most important ring roads around Madrid.
San Fernando Business Park offers all the services and amenities to improve the office experience for all its tenants, including restaurants, post office, bank offices, green areas, fountains, rest areas, etc.
This project sets the start of the joint venture between DRAGO and STARWOOD CAPITAL GROUP with the objective to invest further in the Spanish office market.
The investment in San Fernando Business Park fits the strategic growth and value creation objectives of DRAGO and STARWOOD CAPITAL GROUP, a firm with more than 25 years of experience in the real estate sector. Together both will work to implement the tendencies of the sector by offering renovated, adapted and refurbished office space.