The two property funds plan to sell five buildings they purchased from Spain’s second largest bank, BBVA, in 2017.
The original portfolio, which was called Project Boston, was comprised of 14 office buildings with a total GLA of 116,000m² and included 8 properties in Catalonia, 5 in Madrid and 1 in Valencia. The portfolio traded for €180 million, €120 beneath book value according to Real Estate Press.
In fact, 4 months after the acquisition of the Boston portfolio, CBRE advised the JV partners in the sale of 3 properties including nº 84 Calle Enrique Granados in Barcelona which fetched a price of €11 million for a GLA of 2,000m². The other two properties they have already sold are an asset in Parque Tecnológico de El Vallés in Cerdanyola for €1.5 million and a smaller property in La Garriga for €500,000.
Last year, the partners purchased a 10,000m² office building on Julian Camarillo nº4 in Madrid and a 14,000m² logistic warehouse in Seville’s southern suburb of Dos Hermanas. In that case, the buyers were advised by Cushman & Wakefield & Uría Menéndez.
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