ASOREF sells assets in Barcelona for €40M

The Arcano Spanish Opportunity Real Estate Fund (ASOREF) managed by former country head of CBRE, Eduardo Fernández-Cuesta, has sold 2 properties in the province of Barcelona after a two-year holding period. Traded at close to €40 million, the assets are a 7,300m² multi-tenant office building and an office project both of which are located in Plaza Europa de L’Hospitalet in Llobregat. The buyer was an undisclosed local family office.

Eduardo Fernández-Cuesta Luca De Tena has been a Partner and Head of Real Estate at Grupo Arcano since January 2015. Previously he worked at CBRE for 25 years; initially in the Investments department and became head of the firm’s residential area. In 1998, he was appointed as manager in Spain and has served as CEO at Richard Ellis Residential, S.A.; Head of CBRE Spain; Member of the Executive Committee at CBRE EMEA. In 2013, he was appointed Chairman for Spain at RICS (Royal Institution of Chartered Surveyors). He is a Member of the European Council for Royal Institution of Chartered Surveyors and has a BA degree in Law from the Complutense University of Madrid, an MBA from the Instituto de Empresa and completed the Advanced Management Program at Harvard University.

About Arcano Partners

Arcano Partners is an independent financial advisory services firm with offices in Madrid, Barcelona and New York. Their asset Management division recently launched a fund to invest in the Spanish property sector. According to their investment philosophy, they seek to create value through a combination of attractive entry prices, active real estate management and well-defined exit strategies. The fund invests mainly in Spanish real estate assets, in the residential and commercial sectors.