Principal Real Estate Europe said today it has bought the Torre Llacuna building in Barcelona from Goldman Sachs on behalf of its office fund.

IPE Real Assets understands that the Principal European Office Fund (PEOF) paid around €33m to buy the multi-let 13-storey office building at 166 Calle Llacuna in the 22@ district.

Iñigo Taboada, head of Spain and asset management at Principal Real Estate Europe, said: “We’ve chosen Barcelona for PEOF’s latest acquisition because of the city’s strong fundamentals including a robust occupier market and potential for rental growth over the longer-term.

“Take-up of space in the 22@ district, in particular, has increased steadily over the past couple of years, fuelled by a shortage of good quality office space in the city centre.”

Sebastian Lietsch, fund manager at Principal Real Estate Europe, said: “Our first acquisition in Spain for PEOF, Torre Llacuna complements the fund’s existing portfolio of core pan-European office assets located in Amsterdam, Lisbon, Milan, Paris and Rotterdam.

“We continue to be on the lookout for well-positioned assets to add to the portfolio.”

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