UBS Asset Management acquires premium office property in central Madrid

UBS Asset Management Real Estate & Private Markets has acquired a prime, recently refurbished office asset in central Madrid, with a total floor space of 3,700 square meters (39,826 square feet) spread across three stories above ground and 87 underground parking spaces. The transaction is the latest of several recent acquisitions across Europe. The financial terms were not disclosed.

The property, located at Avenida de Pío XII 44, near the Paseo de la Castellana business district, offers easy access to public transport, as well as links to national and international transport infrastructure including the Madrid Barajas airport and the A-1 and M-30 link roads. The office is also close to the new Madrid Nuevo Norte project, Europe’s largest urban regeneration scheme, which aims to redevelop 2.6 million square meters (28 million square feet) of the Chamartin district of the capital with office and residential units, alongside improved public transport and rail travel link