Real I.S. AG has acquired the “Avenida Diagonal 67” office building in Barcelona for its open-end real estate special “Real I.S. BGV VIII Europa” AIF from a local family office. The parties have agreed to keep the purchase price confidential.
The building which was erected in 2009 has more than 5,400 square metres of office space and is situated in the desirable “22@” submarket, Barcelona’s new business district as well as its innovation and technology location. The fully let building offers office space of between 340 and 680 square metres over eight storeys. Sufficient parking spaces are distributed over three floors below ground. The current anchor tenants are companies from the marketing and technology sectors typical of this location. In addition, the property boasts very good public transport connections through its good location.
“The office property market in Barcelona is generally developing very well. Prime rents have risen sharply in the last five years and display further upside potential,” says Axel Schulz, Global Head of Investment Management of Real I.S. AG. “The acquisition will enable us to increase our exposure in Spain and develop the possibilities of participating in a diversified portfolio within Europe, as planned.”
“Barcelona is one of Europe’s leading start-up hubs and in 2018 alone registered an increase of new start-ups of around 30 percent. This fuels the demand for contemporary office space,” adds Juan Jiménez-Hevia, Head of Country Spain of Real I.S. AG. “Established companies such as eBay, Microsoft, Facebook, Amazon and SAP create synergy effects for start-ups most especially in ‘22@’.”
Real I.S. AG was advised on the transaction by the brokerage firm Cushman & Wakefield, Barcelona, by the law firm Monereo Meyer, Madrid, by the tax advisor BDO, Madrid, and by the technology specialist Fund Fst. Financing partner is Deutsche Hypothekenbank.
About the Real I.S. Group
The Real I.S. Group has a track record of more than 25 years as BayernLB’s fund provider specialised in real estate investment. As a member company of the Sparkassen-Finanzgruppe (group of German savings banks, Landesbanken and associated companies), the Group ranks among the leading asset managers in the German market. Along with Alternative Investment Funds (special AIFs and closedend mutual AIFs), the range of products and services comprises customised fund solutions, club deals and joint ventures. The company has assets of around EUR 8 billion under management. The Real I.S. Group has two licensed investment management companies (KVGs) established under the German Investment Code (KAGB) and operates subsidiaries and branches in France, Luxembourg, Spain, the Netherlands and Australia.