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CBRE GI Buys Office Building In Barcelona For €65M

4 July 2017 – Eje Prime

CBRE’s real estate investment vehicle is continuing to grow its portfolio of assets in Spain. The company has acquired the property at number 8 on Calle Fontanella, in Barcelona, for €64.7 million, according to a statement issued by the firm. The building, which is used for mixed (office and retail) purposes, was owned until now by Avignon Capital.

The building has a surface area of 8,126 m2 and is located next to Plaza Catalunya. The property has a 100% occupancy rate with an average rental period of more than 12 years.

The ground floor, basement and mezzanine levels of the building constitutes prime retail space and is leased to Media Markt. Meanwhile, the office floors of the asset are leased in their entirety to the Generalitat de Cataluña.

In this way, CBRE’s investment vehicle is continuing its investment policy in the Spanish market. Last month, the group reached an agreement to acquire 70% of the H2O Rivas de Madrid shopping centre. The other 30% will remain in the hands of Alpha Real Trust Limited, which used to own the whole centre, and with which CBRE has created a joint venture.

Original story: Eje Prime

Translation: Carmel Drake