In September 2019, Kefren Capital Real Estate (KCRE), completed the disposal of an-office building located in Juan de Mariana 15, in the Mendez Alvaro area of Madrid. KCRE acquired the asset through a public auction process in December 2017. Prior to this acquisition, the building was the headquarters of Grupo Segur Iberica.
The building was completed in 1994 and comprises c. 3,600 square meters above ground, spread over five floors, and over 2,000 square meters below ground level, with 59 parking spaces. The asset is located in Mendez Alvaro, a previously industrial district which has been redeveloped into a modern office and residential area during the last decades.
At the time of its acquisition, in December 2017, the building was completely vacant and had some unusual facilities tailored for Segur Iberica, such as shooting range and secure vault. KCRE carried out a complete refurbishment, and leased it to Talent Garden, a leading European co-working network for digital innovation.
Pelayo Primo de Rivera, CEO of KCRE, highlighted: “In less than two years, we have carried out a comprehensive reform that repositioned the building, let it to Talent Garden, an attractive tenant, and sold the building to Catalana Occidente. This transaction highlights our expertise implementing Value-add strategies in the Office space”.
KCRE was advised by Savills Aguirre Newman (property advisors), Araoz y Rueda (legal advisor) and Estudio Azqueta (coordinator of the refurbishment Project). Catalana Occidente was advised by Cuatrecasas (legal advisor).