Inovalis REIT completes its first acquisition in Spain

Inovalis REIT has entered the Spanish real estate market with the purchase of two connected office buildings in Alcobendas, north of Madrid. The high-quality, modern office buildings, with approximately 118,400 square feet of leasable space, are fully let to two blue-chip tenants from the aeronautical sector.

The leases are in line with market standards, including an annual indexation of rents to cover inflation and the full recovery of operating expenses. Current rents are lower than market levels. However, Inovalis S.A., the manager of the REIT, expects to align the rents with other competing assets over time by improving the certifications and the cosmetic aspects of the asset at minor cost, offering tenants more services and a better experience in the building.

The property is part of the Arroyo de la Vega market, an established office area strategically located a short distance from downtown Madrid and the Madrid Barajas International Airport. It is near the A-1 h