Hispania, the Spanish REIT launched in March this year, has bought two office properties in Barcelona for €40.1m.
The SOCIMI (Spain’s REIT equivalent) bought the two buildings, which total 18,200 sq m, in Plaza de Les Glòries. Hispania, managed by Azora Gestión, said the area offered high growth prospects.
Hispania raised €760m for the new REIT in March this year. APG and Cohen & Steers both made commitments to the new REIT, which is targeting Spain’s multi-family residential, office and hotel sectors. Paulson and Co, Quantum Strategic Partners, the Canepa Group and Moore Capital Management also backed the listing, as have Fidelity and Morgan Stanley.
In April, Hispania made its first acquisition, buying the Guadalmina Spa Hotel & Golf Resort in Marbella for €21.5m.
SOCIMIs (sociedades cotizadas de inversión en el mercado inmobiliario) are providing institutional investors with an opportunity to invest in Spain. Launched in 2013 and four years of preparation, Spain’s REIT regime has attracted a number of international names. PIMCO committed €50m to the Lar España SOCIMI in March.
Merlin Properties is carrying out its €1.5bn IPO next week in Spain’s largest flotation since July 2011.