Colonial SFL and Andbank acquire Madrid office for €80m

Colonial SFL and an investor group led by Andbank Spain have acquired Naturgy's Madrid headquarters building from Grosvenor for over €80 mln.

38 Avenida de America, Madrid

The iconic building, located at 38 Avenida de América, spans 13,000 m2 across 13 floors. It underwent a full renovation before Naturgy moved in as a long-term tenant in 2021. 
This acquisition expands Colonial SFL's Madrid portfolio to 39 buildings, totalling over 500,000 m2. It also reinforces their existing relationship with Naturgy, as Colonial SFL already owns Naturgy's Barcelona headquarters at 525 Diagonal.
Juan Manuel Ortega, CIO of Colonial SFL, stated: "The acquisition of Naturgy's headquarters in Madrid reinforces our commitment to buildings in strategic locations and consolidates Colonial SFL's position as a pan-European leader in the prime office market. This transaction fully aligns with our long-term value creation strategy and responds to the growing demand for efficient, sustainable and well-connected spaces."
Real estate consultancies Cushman & Wakefield and Savills, along with legal firms Gomez Acebo & Pombo and Simmons & Simmons, advised on the deal. Savills IM served as the asset manager, and EY conducted the commercial due diligence.