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UBS buys Madrid office with strong ESG credentials

PGIM Investment real estate MadridUBS Asset Management has bought a Madrid office with “leading ESG ratings” for its real estate portfolio.

The office is located close to prime Paseo de la Castellana CBD district, with strong domestic and international travel links, the firm said.

The ESG ratings are a BREEAM classification of ‘Excellent’ and Gold WELL Certificate.

BREEAM developed the world’s first sustainability assessment method for buildings, according to the organisation which describes itself as a community of influencers that improves the built environment.

The WELL Certificate is issued by the International WELL Building Institute, which aims to improve how buildings affect human wellbeing.

UBS Asset Management Real Estate & Private Markets bought the building for an undisclosed sum. The office has floor space of 3,700msq spread across three storeys above ground, and has 87 underground parking spaces.

Manuel Hidalgo, head of real estate Iberia at the firm. Said: “The asset has industry-leading ESG credentials, and we look forward to continuing its development in line with the forecast recovery of the Spanish economy, allowing strong returns and attractive yields in the mid to long-term.”

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