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Socimi Trajano Buys Building In Bilbao For €40M

6 October 2015 – Expansión

The Socimi Trajano Iberia, managed and promoted by a division of Deutsche Bank, has purchased the Echevarría building, in the centre of Bilbao, for €40 million and has set itself the objective of investing €190 million in assets located in Spain and Portugal.

The property is located on Calle Alameda de Urquijo, 4, in the main shopping and business district of the city, according to a statement from the company, which debuted on the Alternative Investment Market (‘Mercado Alternativo Bursátil’ or MAB) on 30 June this year.

The mixed-use property has a leasable area of 8,927 m2 and is rented out in its entirety. Specifically, a retail store occupies the ground and first floors (3,846 m2) and the remaining 5,081 m2, distributed over 6 floors, are leased as offices.

As part of its strategy, Trajano Iberia is planning to make investments amounting to approximately €190 million in real estate assets in the tertiary sector in Spain and Portugal.

The primary focus of its investments will be offices in semi prime areas of Madrid and Barcelona and prime areas of secondary cities, as well as shopping centres and retail parks, where those assets have a leadership position. It will also analyse investments in logistics assets, mainly along the Madrid-Barcelona and País Vasco-Valencia corridors.

The company is managed by the real estate division of Deutsche Asset & Wealth Management and has secured funding amounting to €94.8 million since it was created.

Original story: Expansión

Translation: Carmel Drake