The influx of international companies investing in Spain continues. Last month, Iroko Zen invested €14 million to buy two logistics assets in Madrid and Bilbao, but now Inovalis is betting on the country to replenish its real estate portfolio. The company has closed a deal to purchase an office building in the Madrid municipality of Alcobendas from Merlin Properties for €31 million.
The building is located at 9 Calle Francisca Delgado, in the Arroyo de la Vega Business Park. The area is 10,890 m2 and includes 250 parking spaces. The building dates back to 2001 and has recently been renovated.
Inovalis was founded in 2013 to invest in the office markets of France, Germany, and Spain. It has 14 assets for €470 million.
Inovalis is part of a French management company that owns office parks for €7 billion in Paris, Luxembourg, Madrid, Frankfurt, Toronto, and Dubai. The company has been operating in Spain since 2019 and has 10 assets of €150 million.
Since 2017, the company has been looking for real estate to invest in the Spanish market. "We are pleased to complete our first deal in Spain and our second acquisition this year," said Khalil Hankach, chief investment Officer at Inovalis. "Socimi will support its growth strategy in the Spanish real estate market and expand its portfolio through our innovative and practical asset management."
Inovalis' decision to invest in Spain is due to "confidence in the strengths of the market with a balanced risk–return ratio, a positive outlook and growth potential," the company explains. According to the long-term budget of the European Union, together with the NextGenerationEU funds, about €192 billion will be invested in Spain until 2026.