The March family, through Corporación Financiera Alba, has bought the prime office complex Castellana 42 for 54.6 million euros, as reported to the Spanish National Securities Market Commission (CNMV).
The asset has 4,500 square metres and eleven floors. It is home to the headquarters of the developer Aedas Homes, among other tenants. Cushman & Wakefield is marketing the building, with areas ranging from 226 m2 to 1,359 m2.
These assets are of interest to investors because their owners tend to hold them in their portfolios for long periods of time. The yield that Castellana 42 will offer will be very modest, at around 3.5%.
CBRE advised the buyer in this off-market transaction (without an open sale process).