Castellana 200 is a modern, prime mixed-use complex that includes 20,293 sqm of Offices, 6,415 sqm of retail and more than 800 underground parking spaces.
Madrid, Spain, December 3, 2019. Drago announces the completion of the sale of Castellana 200 in Madrid to Allianz Real Estate who were acting on behalf of several Allianz group companies, for circa EUR250 million. Drago was the asset manager and is a minority shareholder in Silvercode Investments SOCIMI, the property owner. Silvercode Investments SOCIMI’s other shareholder is the Public Sector Pension Investment Board (PSP Investments).
Castellana 200 has a total built area of 41,000 sqm divided over 10 floors, as well as an underground parking. The building is 100% leased and includes both office space and retail areas – with a balanced tenant mix, including Sony, Schweppes, CBRE, LinkedIn and Spaces, complemented by top retailers such as H&M, MediaMarkt and Superdry.
As Castellana 200’s asset manager, Drago focused on improving the tenant mix, capturing market rents, reducing vacancy and repositioning the original office concept through 5,000 sqm of new co-working area. Castellana 200 now provides flexible office spaces for current tenants as well as options for start-ups in Madrid’s central business district (CBD). This project has contributed to the enlargement of the city’s CBD and enhances the adjacent streets’ offerings.
“The acquisition of Castellana 200 gives Allianz Real Estate access to a commercially significant building. It underscores our focus on centrally located core assets and our strategy for additional deals in Iberia, one of Europe’s most dynamic real estate markets,” said Miguel Torres, Head of Iberia for Allianz Real Estate.
The transaction was advised by Savills Aguirre Newman, CBRE, Ernst & Young, Linklaters and Uría-Ménendez.
Founded in 2000, Drago Capital is a Real Estate investment and management company that operates in the Iberian market. The company manages 17 investment vehicles with more than 1,300 assets, including office buildings, residential assets, retail units, touristic complexes and hotels. The current assets under management have a gross value of €1.1 billion.
Teodoro Díez Páramo
About Allianz Real Estate
Allianz Real Estate is the dedicated real estate investment manager within the Allianz Group and has grown to become the world’s largest investor in real estate. The firm develops and executes worldwide tailored portfolio and investment strategies on behalf of a range of global liability driven investors, including Allianz companies, creating value for clients through direct as well as indirect investments and real estate loans. Headquartered in Munich and Paris, the operational management of investments and assets is performed out of 19 offices in key gateway cities across 5 regions (West Europe, North & Central Europe, Switzerland, USA and Asia Pacific). As at 30 June 2019, Allianz Real Estate held 67.1 billion euros assets under management. For more information, please visit: http://www.allianz-realestate.com
Allianz Real Estate
+49 89 3800 68318 / +49 160 9576 7391