There’s been a new corporate deal in Madrid’s office market. The insurance company Liberty has sold its headquarters in Madrid’s Campo de las Naciones to the family office Royal Metropolitan. The sale & leaseback transaction was finalised at 35 million euros, with the commitment that Liberty will continue to lease half of the space.
The rise in teleworking led to the deal. The insurer will make a firm commitment to this type of work and lease just 4,000 square metres. The asset has a total of 7,912 m2 on four floors.
According to company sources, the uncertainty in the office sector, the limited need for space and the lack of interest in amassing real estate assets were the main reasons for the divestment.