Franklin Templeton’s real assets arm, investing on behalf of its social infrastructure strategy, has bought an office building in Spain from DWS.
Franklin Real Asset Advisors has invested an undisclosed sum to acquire the asset, located at number 2, Avinguda de Josep Tarradellas, in Barcelona.
The 17,500sqm building is the current headquarters of the Department of Territory and Sustainability of the Generalitat de Catalunya.
Raymond Jacobs, managing director of Franklin Real Asset Advisors, said: “We are delighted to acquire this asset, which allows us to further strengthen our existing relationship with the Government of Catalonia.
“In line with the objectives of our social infrastructure strategy, we will work with the Government to explore social stakeholder partnerships and deliver environmental upgrades to the building.”
Michel Lim, VP at Franklin Real Asset Advisors, said the latest deal is the largest investment to date and the sixth acquisition for the firm’s social infrastructure strategy in Spain.
“It originates from an off-market sale process, allowing us to acquire the building at attractive terms for our investors. Thanks to our extensive network of lenders, we secured favourable financing terms, benefitting from a reduced margin when certain green certification levels are achieved.”
DWS, which sold the asset via one of its German real estate funds, said it purchased the building in 2015.
Manuel Ibáñez, the head of Iberia real estate at DWS, said: “This transaction demonstrates DWS’ capacity to successfully close the lifecycle of a good acquisition and asset management deal, leading to an attractive return for its investors.”
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