SLI European Property Growth Fund sells Serrano, 73, Madrid

22 Jun, 2009, London

Global property adviser Cushman & Wakefield has advised Standard Life Investments, one of the largest property investors in Europe, on behalf of the SLI European Property Growth Fund (EPGF), in the selling of Serrano, 73, Madrid, in Salamanca district. Redeveloped by Standard Life Investments in 2004, the prime CBD office property comprises a total built area of 6,773 sq. m. The building is fully let to Fortis Bank.

The property has raised great interest among private, institutional, national and international investors, with marketing resulting in several offers being received. The purchaser is a private Spanish investor. Cushman & Wakefield and Gomez-Acebo y Pombo advised Standard Life Investments and Jones Lang Lasalle and Cuatrecasas advised the buyer.

Roger Cooke, partner at Cushman & Wakefield, said: “This deal confirms the trend we have observed since the beginning of the year – investors are still interested in well located, high quality assets with recognised tenants. Madrid has shown itself to be a very liquid market for this type of asset.”

Will Fulton, fund manager of Standard Life Investments’ European PropertyGrowth Fund, said: "Despite uncertain economic conditions, I am not surprised at the level of interest in this property given its key combination of prime location, strong tenant and high quality specification. This sale fits in well with our view of the Spanish property market and will enable us to deploy the capital elsewhere within Europe.

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