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After the venture funds, the core funds arrive.

The venture funds are not the only ones flying over Spain. The last operations confirm that the core funds have already landed in the market, more conservative investors that look for more security in their bets. This denomination includes German banks and saving banks managing firms, pension funds and South American big family offices.

Deka, investing arm for German savings banks, has acquired assets in Madrid and Barcelona; the Canadian pension fund CPPIB has acquired a mall in Asturias; and Fibra Uno, a fund where Mexican fortunes invest, has closed the biggest operation of the year after acquiring Sabadell´s offices from Moor Park for 300 million Euros, assessed by CBRE.

“When the core funds land in a market it is presumed that an adjustment in rents has taken place and that the labor market has stabilized”, Ignacio Fonseca, expert in investment from the capital markets department at CBRE, points out. (…)

There is one fund still waiting to arrive: the sovereign fund. Apart from two specific operations – acquisition of the hotel Vela in Barcelona by the fund Qatar Diar and the purchase option for the Foster Tower by a fund from Abu Dhabi – these investors arrive slowly to Spain. “They are searching for something different. They focus on the yield of the asset more than on the price. But there is no such a big market in Spain”, Jose Carlos Torres, director at Zaphir Asset Management, explains.