Colonial SFL and Andbank España buy Naturgy’s Madrid HQ for ~€80m

Colonial SFL, together with a group of investors led by Andbank España, has acquired the building that houses Naturgy’s Madrid headquarters at 38 Avenida de América from Grosvenor for about €80 million.

The office building totals roughly 13,000 square metres across 13 floors and was fully renovated before Naturgy moved its central offices there in 2021. Naturgy remains in place under a long‑term lease, giving the new owners stable, predictable rental income.

Cushman & Wakefield and Savills acted as real estate advisers on the transaction, while Gómez‑Acebo & Pombo and Simmons & Simmons provided legal counsel. Savills Investment Management will serve as asset manager and EY carried out the commercial due diligence.

The deal raises Colonial SFL’s Madrid portfolio to 39 buildings, totaling more than 500,000 square metres, and strengthens its existing relationship with Naturgy; Colonial already owns the company’s Barcelona headquarters at Diagonal 525.

Andbank España led the investor group and contributed a significant share of the capital. Andbank’s corporate finance head, Oriol Huguet, said participation in the purchase provides entry to a liquid, favourably priced office market anchored by a long‑term, blue‑chip tenant.

Colonial SFL’s chief investment officer, Juan Manuel Ortega, said the acquisition reinforces the group’s focus on properties in strategic locations and aligns with its strategy of long‑term value creation, responding to growing demand for efficient, sustainable and well‑connected office space.