South Korea–based Kiwoom Securities and Inmark Asset Management have acquired Helios, the new headquarters for ING Bank in Madrid, from Hispania Activos Inmobiliarios, for an undisclosed amount.
Avison Young represented the seller.
The acquisition is likely to be one of the largest single-asset transactions in the Spanish market for 2020.
ING is consolidating its existing offices in Madrid into Helios, which extends over a total gross lettable area of roughly 35,000 square meters (377,000 square feet) with 770 parking units. The Dutch bank will occupy the entire office complex and has agreed to an innovative long-term lease structure.
Penny Hacking, principal, European Capital Markets at Avison Young, said: “South Korean institutional investment in European markets hit an all-time high last year, totaling more than all other Asian investors put together. The Madrid office market is currently also a very attractive destination for international invest
