KGAL Investment Management has marked its entry into the Spanish real estate market with the acquisition of a fully-leased 19,400sqm office building.

The German manager, investing on behalf of a pan European real estate fund, has paid an undisclosed sum to buy The Torre Esteve building from Iberdrola Inmobiliaria.

Built in 2017 the Torre Esteve building is a multi-tenant property of office and restaurant space over 14 upper floors, KGAL said.

André Zücker, a real estate managing director at KGAL Investment Management, said: “Barcelona has developed into a high-tech location in recent years. With the change in economic structures, Barcelona has also become more attractive to us as a foreign investor.

“Due to the lack of available modern office space in the central districts, we also expect rents to rise.”

KGAL, which operates throughout Europe, is headquartered in Grünwald near Munich. The company manages more than €11bn worth of assets.

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