• Transaction / Assets
  • Seller
  • Buyer
  • € MM

Hispania Acquires an Office Building in Barcelona For €18.11 Mn

1/08/2014 – Press Release by Hispania Activos Inmobiliarios

Hispania Activos Inmobiliarios, S.A. (Hispania), through its subsidiary Hispania Real SOCIMI, S.A.U has acquired from MEAG Asset Management an office building located in Barcelona.

The transaction has amounted to €18.11 million fully disbursed with Hispania´s own funds.

The acquired offices at the “ON building” are situated in c/ Llull 321, in the Fórum area, within the 22@ district in Barcelona. It has a gross leasable area of 6,908 square meters plus 134 parking spaces. This is an A-Class building, built in 2006 and in excellent conditions. The current occupancy rate is of 82%. The On building is strategically located in the intersection of Pujades-Llull-Diagonal, a consolidated and highly demanded area within the new 22@ business district, considered the main emplacement for growth within the office market in Barcelona in the midterm.

With this transaction, Hispania has already invested €310.76 million, 58.3% of the net proceeds raised at its IPO on March 14th. Since then, Hispania has built a portfolio with a gross leasable area of 91,218 square meters in office space-principally in Madrid and Barcelona-, 412 dwellings -213 in Barcelona and 199 in Madrid-and 3 hotels, one in Marbella and the other 2 in Madrid.

In this deal, CBRE and Cushman & Wakefield and acted as advisors of the seller and of the buyer, respectively.

With this investment, Hispania accumulates a diversified and high quality office portfolio with a gross leasable area of 91.218 square meter, in consolidated areas with high growth potential in Madrid and Barcelona, asserted Concha Osácar, Board Member of Hispania.

Article published by the courtesy of: Hispania Activos Inmobiliarios

 

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