Cushman & Wakefield has advised Invesco Real Estate in the sale of their emblematic Can Jaumandreu office complex in Barcelona’s 22@ district to The Universidad Abierta de Cataluña for a total of €30.6M. The state owned Spanish university was already the tenant of the building since 2005 along with the Barcelona City Council.
The complex was owned by one Invesco’s funds through an administrative concession and the new owners will become the new leaseholders until 2078. Can Jaumandreu consists of two buildings with a total GLA of 12,284m² built around an emblematic industrial chimney that dates from 17th century. The asset has a special certification which restricts its use to state owned or training activities.
According to Alejandro Monge, «this divestment is part of the fund’s usual asset rotation policy, since the complex had already been in the portfolio for more than 10 years. Spain continues to be a priority investment market for Invesco Real Estate, as evidenced by the recent acquisitions worth €173M that we have carried out for several funds. We continue to look for opportunities to invest in quality assets and increase our presence in this market. «