AXA Investment Managers - Real Assets signs first pre-let at its PRADO Urban Business Park in Madrid with 12,200 sqm lease to Amazon
- One of the largest lettings in Madrid in 2016 -
AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), the leading real estate portfolio and asset manager in Europe(1), announces that it has signed a long-term pre-let to Amazon in the South building of its 60,000 sqm PRADO Urban Business Park and redevelopment in Madrid’s central business district, which was acquired in 2005 on behalf of its clients.
The leading global online retailer has taken 12,200 sqm across 6 floors of new Grade-A office space for its Iberian headquarters. The transaction represents the first pre-let at the development and demonstrates the strength of demand from international businesses for high-quality, flexible, large-scale assets in Madrid. The lease includes parking for hundreds of parking spots and dozens of bike racks.
AXA IM - Real Assets is currently undertaking a 31,200 sqm redevelopment at PRADO Urban Business Park, making it one of the largest office developments in Madrid, capitalising on the lack of modern office space in the city, together with an extremely limited pipeline, in order to create value for clients.
PRADO Urban Business Park comprises three buildings, North, West and South, which form an island site. The North building, which accounts for 48% of the total floor space, is fully occupied, whilst the West and South buildings are being redeveloped and will deliver 19,000 sqm and 12,200 sqm respectively.
West building is undergoing significant internal restructuring and will maintain its historical external façade, while South is a brand new office development. Both buildings, which have been designed to operate either independently or combined as a unique office complex, are due to complete in 2017 and are being developed to a very high standard which maximizes natural light and floor plate efficiency.
Located in the southern area of Madrid’s Central Business District, PRADO Urban Business Park benefits from excellent accessibility, with a subway and suburban train station, as well as the main AVE station, just 500 metres from the property, in addition to numerous local bus routes. The nearby M30 motorway provides direct access to all other districts of the city and PRADO Urban Business Park’s generous underground parking provides further appeal to its tenants.
Hermann Montenegro, Head of Asset Management & Transactions, Spain, at AXA IM - Real Assets, commented: “There continues to be a serious shortage of Grade-A office product in Madrid and this, coupled with a limited pipeline of development and growing demand from multinational businesses for suitable space, as Madrid becomes an ever more popular commercial centre, has created a strong investment opportunity. Securing one of the largest letting in Madrid in 2016, on a pre-let agreement to such a strong covenant as Amazon, is a testament to the quality of the PRADO development.”
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1Source: IP Real Estate Top 100 Investment Management Survey – Nov/Dec 2015
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