MünchenerHyp finances purchase of the Avalon Business Park in Madrid
Münchener Hypothekenbank eG (MünchenerHyp) has provided a long-term loan to finance the purchase of the Avalon Business Park in Madrid.
The Bank served as the sole arranger for the € 76.5 million loan.
The property was purchased by Barings Real Estate, part of Barings LLC, one of the world’s largest diversified property investment managers, acting on behalf of an institutional investor.
The business park comprises nine upscale office buildings with 46,952 square metres of space and is located in the Julian Camarillo district of Madrid. Based on turnover of space this district was the biggest sub-market in Madrid in 2018.
Jan Polland, Head of Commercial Real Estate Finance at MünchenerHyp, noted, “This business deal is another example of the successful development of our international activities in recent years and again confirms our strategy to further expand our major volume financing of foreign core investments”.
“We are very pleased that in this financing transaction with Barings we were able to act as the sole arranger for a top quality property representing a broadly diversified asset in terms of its tenant structure”, said Marcus Tietge, Regional Director for Commercial Real Estate Finance, in Munich.
“We are happy to have financed the transaction with our long term business partner MünchenerHyp. We are constantly seeking financing for our transactions across Europe in Finland, Sweden, UK, Germany, Italy and France” said Adolfo Favieres, Barings Managing Director and Real Estate Country Head for Spain.