About the asset

Trespaderne 29, Madrid – Nodo building


Multi-tenant office building of 29,175 sqm, located in the Barajas district of Madrid, being one of the closest office buildings to Madrid’s Adolfo Suarez airport, with excellent visibility and access from both the M14 and the A2.
The building was acquired in 2019 and the main tenants included multinationals such as SGS and Vodafone.


After its acquisition in 2019, a rehabilitation of the building was carried out by IBA with the aim of adapting it to current market standards, with a major intervention that has entailed, among others, the renovation of part of the facade, in order to have a new image of the building, the creation of an interior corridor connecting the two towers that compose it, the renovation of the access lobbies, the corridors and the refurbishment of the bathrooms, the renovation of the air conditioning installations, the replacement of the generator set located on the roof, as well as the refurbishment and renovation of the parking lot.

This intervention culminated in the achievement of BREEAM Very Good certification and involved the creation of a new brand image for the building.

The intervention was carried out during the COVID-19 pandemic without the need to modify the location or alter the tenants’ activity.

Despite the economic context generated by the pandemic, thanks to the renovation of the building and its brand image, it was possible to carry out the renewal of the leases with the main tenants of the building (SGS, Vodafone and Amara), as well as the entry of some additional operator (Meta4), increasing the WAULB from 4.7 years to 8.1 years in the whole building and increasing the NOI by 23%, from a NOI of €2.6M in 2019 to €3.2M in 2022.


Following the completed refurbishment, the long-term stabilization of the main leases and the increase in NOI, a divestment process was considered through a co-exclusivity mandate with JLL and BNP to maximize the price and guarantee the closing of the process, which finally culminated in a great success, above the initial expectations of our Business Plan.

Having detected the absence of stabilized assets in the market, and with the objective of attracting the interest of institutional investors with a Core / Core Plus profile, the process was approached by offering a rent guarantee for the available surface area, so that the building could be considered as a consolidated asset for international investors.

The competitive process attracted the interest of several international funds, the most competitive being a French institutional investor with whom the sale was closed in July 2022.

The seller, a vehicle majority owned by an international real estate investment company, together with IBA, who acted as Asset Manager of the vehicle, obtained the following returns:

▪ Project life: 3 years.
▪ Leveraged IRR: 22.1% (post-tax).
▪ Equity multiple: 2.1x (post-tax).