PORTFOLIO: FUND III
Manuel de Falla (Madrid)
6,185 sm office repositioning in Madrid
Manuel de Falla is a mid-sized office redevelopment in prime CBD Madrid. Fund III acquired the asset in early 2014 from a distressed seller. The asset benefits from large floor plates, a rooftop and an outstanding location in prime CBD Madrid. The size, layout, and location are ideal for a company seeking a high quality HQ building. Shortly after acquisition, ASG arranged a forward sale of the asset.
ASG Iberia, together with a local partner, will refurbish the building to a high specfication and deliver on a turnkey basis to the buyer in June 2017. While Manuel de Falla is ASG’s first acquisition in Spain, it represents a classic ASG investment where active asset management through a local partner will reposition an underutilized building in an excellent location. Furthermore, a favorable acquisiton price below replacement cost and a quick forward sale eliminates the lease up risk and costs while maintaining overall profit.