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Pelayo Buys an Office Building in Madrid

The insurer has acquired the Altamar office building, spanning 5,219 square metres, which is located in the Madrilenian town of Alcobendas.

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The Pelayo insurance group has acquired the Altamar office building, which is located in the Arroyo de la Vega business park, in the Madrilenian town of Alcobendas. The insurer has underlined that, with this operation, “Pelayo is continuing to roll out its investment policy in real estate assets seeking to maximise its profitability and optimise the returns on its property portfolio”, which “has become very important”.

The building purchased has an above-ground surface area of 6,047 square metres, of which 5,219 square metres are offices, consisting of a ground floor plus 3 upper floors. It also has indoor and outdoor parking (two semi-basements). For years, the property housed the headquarters of TNT Express, which rented it in its entirety from the German fund MEAG.

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