Curzon Capital Partners 5 LL (“CCP 5 LL”), the perpetual core plus fund advised by pan-European investment manager Tristan Capital Partners, has acquired off-market, two office assets in Barcelona from Inmobiliaria Colonial.
The assets cover 17,500 sqm across two of most established and sought after submarkets in Barcelona. The largest asset is the Berlin Numancia building, located in the city centre of Barcelona, 200 metres from the Sants metro station and 500 meters from the Sants train station, which links Barcelona to Madrid via the high speed train. Built in 1994 and recently refurbished, the building offers 12,600 sqm of flexible office space and has a BREEAM ‘Good’ rating.
The second asset, Plaza Europa was built in 2007 and comprises around 4,900 sqm across five floors. Plaza Europa is located by the Europa / Fira metro station, offering access to the city centre in under 10 minutes. The building is fully leased to leading food brand Gallina Blanca.
Nikolay Velvev, Executive Director at Tristan Capital Partners, said: “Over the past five years, Barcelona has rapidly gained prominence as a technological and pharma hub and has seen strong demand from major national and multinational corporates. These buildings offer exposure to two established office submarkets in microlocations that benefit from excellent transport links. Both assets were built with high quality standards and specifications that fit modern requirements for both multi and single tenants and have been resilient performers during the coronavirus crisis.”
The operating partner for the acquisition of the portfolio will be Patrimony, a Spanish firm based in Barcelona.