Mutualidad de Abogacía has acquired a commercial building in Madrid from the developer Tenihabana, a vehicle formed by Tenigla and Doble Digito.
The property, located at Paseo de la Habana 9-11, has a surface area of 5,560 square metres, including the ground floor, access floor, upper floor, roof and terraces.
Tenigla and Doble Digito bought the building in 2018. After the renovation, the building will be leased to Utopicus, Colonial’s flexible spaces firm, as a long-term tenant.
The non-profit insurer, which offers legal professionals savings and retirement plans, has other assets nearby, including Paseo de la Habana 3 and Concha Espina 18. Mutualidad de la Abogacía’s portfolio totals 48 assets and 283,680 m2, with a market value of over €862 million. The acquisition costs of these assets are valued at 809 million euros, with a net book value of the portfolio of more than 699 million euros, which reveals a latent capital gain of more than 163 million euros.