LaSalle acquires General Lacy 23 in Madrid
MUNICH (February 07, 2019) — LaSalle has acquired the property General Lacy 23 in Madrid, a multi-award winning 19th-century office building. This was acquired on behalf of a separate mandate with a German pension fund.
The General Lacy 23 building is located in the heart of Madrid's Méndez Álvaro district, south of the central business district of the Spanish capital, is a multi-award winning 19th-century office building. Originally a tobacco factory and converted into an office building two decades ago, the property is currently being modernized as a ‘green building’. The sole tenant from April 2019 is the Spanish oil company Repsol, who will occupy the space with one of their subsidiaries as the headquarters is located just 850m away on Calle de Méndez Álvaro.
The Méndez Álvaro neighborhood, between Atocha and the M-30, is experiencing a strong dynamism as the headquarters of companies. Besides Repsol other corporates such as Amazon, Adif, Mahou, CLH or Ericsson have also decided for this submarket where further major projects are going to take place.
Uwe Rempis, Head of Fund Management Germany at LaSalle Investment Management, comments: "Thanks to the high quality of the building, with its flexible use for both single and multiple tenants, combined with its A-location on a European real estate hotspot, the object fits perfectly into the fund strategy. We are very happy that we have succeeded in adding this exceptional building to our portfolio. "
Hogan Lovells, Deloitte and Tassl acted as advisors to the buyer.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $68.4 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit http://www.lasalle.com, and LinkedIn.
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