In 2025, Ireland’s Irish Life and Scotland-based Aberdeen announced the acquisition of Nexum Park, a major business park in Madrid. The deal reflects growing international investor interest in the Spanish commercial real estate market and highlights the sector’s continued recovery.
About Nexum Park
Nexum Park is a modern office complex comprising four Class A buildings with a total gross leasable area of approximately 42,000 m². It is located in Las Rozas de Madrid, a key business zone with direct access to the A-6 highway and within a 20-minute drive from the city center.
The complex was developed between 2006 and 2012 and offers high-quality construction, energy efficiency, and modern amenities such as cafés, green areas, parking, and recreational spaces. At the time of sale, it had a 95% occupancy rate, with tenants including global firms in tech, logistics, telecom, and pharmaceuticals.
Transaction Overview
The deal was closed for €135 million, translating to an average of €3,214 per square meter.
The buyers:
- Irish Life Investment Managers (ILIM) – one of Ireland’s leading institutional asset managers, part of Great-West Lifeco.
- Aberdeen Real Estate (abrdn) – a major European property investment firm with a growing presence in Southern Europe.
The acquisition was made through a 50/50 joint investment fund. The expected gross rental yield is 6.1%–6.3% annually, positioning Nexum as a stable long-term income asset in the post-inflationary environment.
Seller Profile and Motivation
The seller was Kronos, a Spanish development firm that had held the property since its completion. Kronos developed Nexum Park as a flagship office complex in the 2010s.
Why Kronos sold:
- To redirect capital into residential and mixed-use projects in Barcelona and Valencia
- To respond to rising financing costs
- To exit at peak valuation with a highly stabilized asset
The transaction was described as a “win-win” by both parties.
Office Market Context in Madrid
The acquisition took place amid a steady recovery in Madrid’s office market following a downturn during the pandemic.
Market highlights (2024–2025):
- Average office occupancy: 87%
- Annual rental growth: +4.5%
- Premium suburban parks like Nexum command rents of €22–27/m²/month
Peripheral locations with green certifications and strong infrastructure are increasingly favored by companies relocating from central areas in search of better value and work-life balance for employees.
Investment Strategy and Objectives
For Irish Life and Aberdeen, Nexum Park meets several strategic priorities:
1. Portfolio diversification
The acquisition gives both firms a foothold in Southern Europe, where yields remain attractive and competition is lower than in core markets.
2. ESG integration
The complex holds a BREEAM “Very Good” certification, aligning with both firms’ focus on sustainable, future-proof assets.
3. Stable rental income
A solid tenant mix with long-term lease agreements ensures predictable and secure cash flow.
4. Capital appreciation
With increasing demand for high-quality suburban office space, analysts forecast a value increase of 8–10% over the next 3–5 years.
Plans are also being considered to convert one building into flexible office space or a coworking center, responding to shifts in workplace demand.
Development Plans for Nexum Park
Post-acquisition, the new owners plan to upgrade and reposition Nexum Park by:
- Installing solar panels on rooftops
- Expanding bike parking and employee facilities
- Introducing smart climate and lighting systems
- Renovating common areas, including food court and lounge zones
These improvements aim to maintain the property’s competitive edge and enhance tenant satisfaction in a hybrid work era.
Why This Deal Matters?
The Nexum acquisition reflects several broader market trends:
- A shift from downtown office investments to high-performing suburban business parks
- A clear focus on energy-efficient, certified green buildings
- An emphasis on stable returns in a changing economic climate
The deal is among the largest office transactions in Madrid in the past 12 months and could trigger more institutional interest in similar Spanish assets.
Conclusion
Irish Life and Aberdeen Buy Nexum Park in Madrid in a landmark transaction valued at €135 million. The acquisition provides access to a well-leased, ESG-certified asset with strong rental performance and long-term income potential.
With further enhancements planned and increasing demand for high-quality suburban office environments, Nexum Park stands as a model for future-ready business campuses. For Irish Life and Aberdeen, it is not just an investment in property—but in the evolving workplace and the future of corporate infrastructure in Madrid.
