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Standard Life Buys Revlon’s HQ In Barcelona For €30M

24 April 2015 – Expansión

The building was sold by the US bank Morgan Stanley

This is the third transaction involving a property in the World Trade Center Almeda Park (Barcelona) in less than a year. The Scottish fund Standard Life has purchased Revlon’s headquarters for almost €30 million. The building was sold by the US bank Morgan Stanley and the deal was advised by Cushman & Wakefield, who did not want to make any comments.

The acquisition closed by Standard Life comes after the Socimi Merlin Properties purchased two other buildings in this office complex last year. In August 2014, Merlin acquired the building leased (in its entirety) to AXA for €47 million. In January, it purchased another office block, which houses various tenants, for €37 million. In both cases, the buildings were sold by the Swiss bank UBS and the deals were advised by Cushman & Wakefield.

The property acquired by Standard Life has a surface area of 10,300 square metres and is mainly occupied by Revlon, but also has other tenants. It was built as a turnkey project for the Colomer Group, which used to be the distributor of Revlon’s line of professional products, and which was acquired by the US group in 2013.

This is not Standard Life’s first investment in Barcelona. In 2011, it acquired a plot of land in the 22@ district for €28 million where it constructed the 250-room Hotel Travelodge de Poblenou. It also used to own two buildings on Gran Vía de Barcelona, although it sold one of those, the one leased to the Catalan Institute of Finance (Instituto Catalán de Finanzas or ICF) to the Generalitat in 2008 for €30 million. This building formed part of a package of assets through which Standard Life entered the Spanish market in the middle of 2007 and which also included buildings located on Paseo de la Castellana, number 55 and Calle Serrano, number 73, both in Madrid.

Original story: Expansión (by Marisa Ángles)

Translation: Carmel Drake