Hogan Lovells has advised long-standing client M&G Real Estate on the acquisition of 375,000 sq ft of office property space located on Calle Ríos Rosas in the central business district of Madrid for €175 million (£125 million). The transaction completed on Friday 24 July 2015.

The property will undergo substantial refurbishment following which it will be occupied by leading global marketing communications group WPP on a long term lease.
The Hogan Lovells team advising M&G was led by London real estate partner Daniel Norris, with Emilio Gomez (real estate partner, Madrid), Carlos Bardavio (real estate counsel, Madrid), Javier Gazulla (tax partner, Madrid) and Graham Cutts (real estate senior associate, London).

Hogan Lovells has previously advised M&G Real Estate on several office space acquisitions in the UK, including:

    * iconic London Bankside – M&G Real Estate's largest ever property acquisition and one of the biggest single asset deals of 2013;
    * Prime Manchester Spinningfields sites in June 2014;
    * Two Snowhill in Birmingham in September 2014;
    * The London Fruit & Wool Exchange building in London Spitalfields, to be developed to offer headquarter quality office space, retail and restaurant accommodation, in March 2015.

Commenting on the transaction, Daniel said:
"This is an important strategic acquisition for our client and we look forward to advising on future transactions in Europe as it continues to grow its European portfolio. Our international network gives us an unrivalled ability to support the client on local and cross-border transactions."