Primonial REIM completed the acquisition of the Alcobendas campus of Spain’s Universidad Europea de Madrid (UEM), on behalf of SCPI Primovie and OPCI PREIMium.
The building is rented as a whole to Universidad Europea (UE) under a long-term lease with no early break clause. UE operates in three Spanish cities and is a member of the global Laureate International Universities network, which consists of 60 university campuses in 20 countries and which has almost 30 years of experience.
The property is located in the town of Alcobendas, which has around 110,000 inhabitants and is closed to the Madrid metropolitan area, 15km north of the city. Its location is attractive because a number of innovative, high-profile companies – such as Boiron, Samsung and IBM – have bases there, and it has good transport links. Madrid is Europe’s third-largest city with 6 million inhabitants and is a major hub for economic growth, with bright prospects in terms of education, innovation and employment.
The Alcobendas campus has 14,868 m² of rental floorspace in a single building with two underground floors, a ground floor and three upper floors. The property was built specifically for the tenant’s requirements and was completed in 2014. It has “LEED Silver” environmental accreditation.
Grégory FRAPET, Chairman of Primonial REIM’s Executive Board, made the following comments: “This acquisition fits with Primonial REIM’s strategy of investing in socially useful real estate by selecting properties used for healthcare and education purposes in the eurozone, such as Universidad Europea de Madrid. Through our investments in education and facilities for young children, we have a presence in France, Germany, Italy and now Spain, and we intend to continue seizing new opportunities.” In relation to this acquisition, Primonial REIM was advised by Gerard SERRA (Partner) and Florence LEGEAY of law firm Pérez Llorca regarding its legal aspects, by Artelia regarding its technical aspects and by Eduard GELLIDA of Grant Thornton regarding its financial aspects.
Primonial REIM is a portfolio management company that was authorised by the Autorité des Marchés Financiers (AMF) in 2011. Its purpose is to design and manage a range of investment vehicles that reflect its strong convictions about real-estate markets. Its aim is to make SCPI real-estate funds – investing in office, retail, healthcare/education and residential properties – available to the widest possible audience. As a portfolio management company, Primonial REIM creates and manages real-estate CIUs for institutional and retail investors. On 10 June 2014, Primonial REIM obtained AIFM (Alternative Investment Fund Manager) authorisation from the AMF, under which it is subject to increased obligations in areas such as reporting, liquidity monitoring and risk management. Its Executive Board consists of Grégory Frapet, Chairman, Stéphanie Lacroix, CEO and Tristan Mahaut, Corporate Secretary.
Source : Company