Noé Group’s real estate investment arm Capreon has acquired three buildings in the Fuencarral district of Madrid, Spain, for €30m.
The three income-producing buildings offering 10,000 sq m (circa 107,000 sq ft) are located in the vicinity of the the Ramon y Cajal hospital and its research institute, as well as Carlos III hospital, Madrid Autonoma Medical Campus and La Paz Hospital, which is undergoing a large-scale refurbishment.
Two thirds of the income generated from the building’s occupiers come from the medical and health sector and related services, including an in-vitro diagnostics firm, which renewed its lease until 2028 as part of the negotiated transaction.
Capreon has established a local asset manager to oversee the buildings and to consider new investment opportunities close to research functions in Madrid and Barcelona, as well as in regional technology parks.
George Minns, managing director at Capreon, said: “This transaction marks a small but important step in the evolution of our smart workplace’s portfolio in the three countries where we now have a local presence. We are delighted to be contributing to a positive change in this rapidly transforming industrial district of Madrid.”
