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Oaktree Puts San Fernando Business Park on Sale for €120 Million

Posted by: In: Real Estate 29 Mar 2018 Comments: 0 Tags: , , , , , , , , , , ,
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27 March 2018

The US fund intends to sell the Madrid office complex, acquired three years ago as part of the Gaudí Project. The deal could be finalised before the summer.

Oaktree wants to sell the San Fernando Business Park and is putting the Madrid office complex on the market. The fund acquired the property three years ago as part of the Gaudí Project loan portfolio, in which the Hotel Arts de Barcelona was auctioned, among other assets. The company’s objective is to net around 120 million euros for the asset in a deal that it expects to finalise before the summer.

The fund acquired the San Fernando Business Park from the German bank FMS Wertmanagement, in a large loan portfolio sale valued at €750 million and composed of assets from every real estate segment.

Oaktree took over the business park in Madrid, which was managed by Goodman at the time and had €180 million in debts. The firm negotiated an undisclosed reduction in the debt, though El Confidencial speculated that it could have reached 40%.

Gaudí consisted of 18 loans, two of which were linked to Portuguese assets, and Oaktree is now looking to turn a profit on one of them. The complex for sale, located in San Fernando de Henares, has 86,000 square meters of area and thirteen buildings, together with 2,750 parking spaces.

The deal comes a few weeks after Hispania put its portfolio of offices on the market. In total, the socimi aims to raise between 500 million and 600 million euros for a plot of land and 25 buildings.

Original Story: EjePrime

Translation: Richard Turner

The post Oaktree Puts San Fernando Business Park on Sale for €120 Million appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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