Commerz Real’s €15.5bn HausInvest fund has returned to the Spanish real estate market after more than 14 years.
The German open-ended property fund is forward-purchasing two office development projects in Barcelona for €130m from developer Conren Tramway.
It is the first time the fund has invested in Spain since it acquired the Espai Gironés shopping centre near Girona in 2005.
“The positive development of the Spanish economy and the very good future outlook mean that investments are once again of interest for us,” says Henning Koch, global head of transactions at Commerz Real.
“Regardless of the discussion about the political future of Catalonia, we are convinced that Barcelona is an extremely attractive and dynamic office market.”
The two office buildings, which will be built on the Carrer de Badajoz thoroughfare in Barcelona by 2022, will provide 13,900sqm and 9,300sqm of space, respectively.
Conren Tramway is initially building the property as a turnkey development for its own account and Commerz Real will pay following completion and acceptance.
Commerz Real said it would take responsibility for leasing, with support from Conren Tramway, “to ensure a more attractive purchase price”.