31 March 2017 – Cinco Días
The US fund GreenOak is continuing its commitment to the Spanish real estate sector with another acquisition. It has just closed the purchase of the Vallsolana Garden Business Park, located in Sant Cugat del Vallès (Barcelona) from the Swiss entity UBS for €25 million, according to market sources. The operation has been advised by Cushman & Wakefield.
The complex has a surface area of almost 20,000 m2, spread over two office buildings. Each one of the independent properties has four floors. The facilities house the headquarters of companies such as Adidas, Everis and Eurofragance.
GreenOak will add these offices to its ever-growing portfolio in Spain. Last year, the fund purchased four buildings in the Avalon business park, on the Julián Camarillo industrial estate in Madrid from Santander.
Nevertheless, to date, its only major acquisition in a single operation was made last year when it acquired the Las Mercedes business mega-complex, next to Barajas airport. That park has a surface area of 78,000 m2 and comprises nine buildings. In that case, it paid around €140 million to Standard Life, according to sources in the sector.
GreenOak is also preparing to launch its second real estate specific fund in Spain, with an expected investment capacity of around €900 million.
The building in Sant Cugat includes services such as padel courts, a gym, a games room, an auditorium and a lounge. In addition, the business park has around 400 parking spaces. The site’s currently occupancy rate stands at 80%, according to sources in the sector.
The business park is located in one of the most powerful business centres in Barcelona, in the city of San Cugat, which attracts numerous companies.
Original story: Cinco Días (by Alfonso Simón Ruiz)
Translation: Carmel Drake