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HVB South European Fund Buys Madrid Offices

MADRID-S|deuropa KG, the property investment fund managed by Hypo Vereinsbank of Germany, has bought four office buildings totalling 130,000 sf from DTH Europa.

By Graham Parker | Updated on November 21, 2001

MADRID- Sdeuropa KG, the property fund set up by HVB of Germany to invest in southern European properties, has bought a complex of four office buildings in Ciudad de la Imagen from DTH Europea. The purchase price was Ptas 3.7 billion ($31.5 million) showing the purchaser an initial yield of 7.5%.

The complex comprises around 13,000 sf of offices and ancillary accommodation and 302 basement parking spaces. One of the four buildings is leased to Telefónica Multimedia while the other three are the headquarters of Vía Digital, one of Spain’s two digital satellite TV companies. Located to the west of Madrid city centre in Pozuelo de Alarcón, Ciudad de la Imagen is Madrid’s only business park specifically aimed at companies in the audio-visual sector.

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