Key Takeaways
- • Henderson Park sold the Los Cubos office building in Madrid to Atrea Real Estate for €91 million, representing a significant exit from the iconic nine-storey, 18,000 sqm property in central Madrid.
- • The sale demonstrates Henderson Park's value creation strategy: the firm acquired Los Cubos from Realia Inmobiliaria for €52 million in October 2017 when the building was vacant, undertook a full refurbishment targeting Grade-A office standards, and successfully exited at a 75% premium.
- • Strategic location and market dynamics drove the transaction: Los Cubos sits at the intersection of Madrid's M-30 ring road and A2 highway to the airport, positioning it to capture demand from large domestic and international corporate occupiers in a constrained prime office market.
- • The sale is part of Henderson Park's broader Spanish portfolio rationalization: the firm concurrently divested the Islazul shopping centre (sold to Castellana Properties for €340 million in February 2026), indicating a strategic shift in its Spanish real estate exposure.
- • Deutsche Bank financed Henderson Park's original acquisition, underscoring institutional banking support for the firm's Spanish market entry and subsequent value-add repositioning strategy.
Summary
Henderson Park has agreed to sell the Los Cubos office building in Madrid to Atrea Real Estate for €91 million, marking a significant capital event for the European real estate investment platform. The transaction represents Henderson Park's exit from one of Madrid's most iconic and recognizable office properties, which the firm acquired from Realia Inmobiliaria for €52 million in October 2017.
The Los Cubos property comprises 18,000 square meters of space across nine storeys in central Madrid, benefiting from a prime location at the intersection of the M-30 ring road and the A2 highway linking the city centre to the airport. When Henderson Park originally acquired the asset, the building was vacant and required substantial repositioning. The firm executed a full refurbishment targeting latest-generation Grade-A office standards and environmental performance benchmarks, capitalizing on growing institutional demand for premium office space in Madrid against a constrained supply backdrop. The refurbishment strategy targeted delivery in mid-2019, with work commencing in Q1 2018.
The €91 million sale price reflects successful value creation on the original €52 million acquisition cost, representing a 75% appreciation over the holding period. This transaction aligns with Henderson Park's broader portfolio activity in Spain during this period. In February 2026, the firm partnered with Eurofund Group to divest the Islazul shopping centre in Madrid to Castellana Properties for €340 million, suggesting a strategic rebalancing of Henderson Park's Spanish real estate exposure away from retail and office assets.
The Los Cubos transaction was facilitated by legal counsel including ECIJA advising Atrea Real Estate on the acquisition. Deutsche Bank had previously provided financing for Henderson Park's original Spanish market entry with the Los Cubos acquisition, reflecting institutional banking confidence in the firm's execution capability and market positioning.
The Los Cubos property comprises 18,000 square meters of space across nine storeys in central Madrid, benefiting from a prime location at the intersection of the M-30 ring road and the A2 highway linking the city centre to the airport. When Henderson Park originally acquired the asset, the building was vacant and required substantial repositioning. The firm executed a full refurbishment targeting latest-generation Grade-A office standards and environmental performance benchmarks, capitalizing on growing institutional demand for premium office space in Madrid against a constrained supply backdrop. The refurbishment strategy targeted delivery in mid-2019, with work commencing in Q1 2018.
The €91 million sale price reflects successful value creation on the original €52 million acquisition cost, representing a 75% appreciation over the holding period. This transaction aligns with Henderson Park's broader portfolio activity in Spain during this period. In February 2026, the firm partnered with Eurofund Group to divest the Islazul shopping centre in Madrid to Castellana Properties for €340 million, suggesting a strategic rebalancing of Henderson Park's Spanish real estate exposure away from retail and office assets.
The Los Cubos transaction was facilitated by legal counsel including ECIJA advising Atrea Real Estate on the acquisition. Deutsche Bank had previously provided financing for Henderson Park's original Spanish market entry with the Los Cubos acquisition, reflecting institutional banking confidence in the firm's execution capability and market positioning.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.