Kefren Capital Real Estate (KCRE) has acquired an office building in an area undergoing a profound transformation and with one of the greatest potentials of all Madrid business districts. In this transaction, KCRE has achieved a purchase price of around 7 million euros.
The asset comprises 3,550 square meters above ground spread over three floors and 38 parking spaces included on the ground floor. It is located in a consolidated office area (next to the headquarters of McCann, NCR, Altadis or Licuas among others) which stands out for its easy access by public and private transport and the proximity to the center of the capital.
Kefren Capital Real Estate (KCRE) has acquired the property with the intention of carrying out a complete refurbishment of the building, repositioning the property in the market and taking advantage of the income growth potential of the area. “We are seeking to carry out a comprehensive refurbishment of the building in a short time frame, with the objective of leasing it to an attractive tenant. We have a solid track record in Value Add, with success cases such as Juan de Mariana 15” states Pelayo Primo de Rivera, CEO of KCRE.
Kefren Capital was advised by Hogan Lovells. On the other side, the seller has been advised by Cushman & Wakefield.
This purchase demonstrates the confidence of investors in the Spanish market in the medium and long term, especially in those locations with solid fundamentals that historically have had a strong demand from tenants.
About Kefren Capital Real Estate
KCRE is a real estate asset management company created in 2012 by the investment firm Kefren Capital. KCRE offers investors the full range of services required for a real estate transaction: sourcing, analysis, financing structuring, deal negotiation and asset management. What differentiates KCRE from other platforms is its ability to co-invest and its investment philosophy – assets are managed from the perspective of the owner and not simply as a third-party manager. Over the last 4 years, the company has closed over 225,000 sqm in real estate transactions in Spain. Further information is available at: www.kcre.es