Global private equity giant Blackstone is reported to be considering the sale of another of its trophy office assets in Spain, the Glòries office complex.
Spanish newspaper Expansión said that the international investment giant had hired both CBRE and Savills Aguirre Newman to market the property. Blackstone is looking to raise around €120 mln from the sale.
The asset consists of three buildings comprising more than 21,500 m2 and is located on the upper floors of shopping centre Glòries, which is owned by Unibail-Rodamco-Westfield. The properties are located between the streets of Diagonal, Ciutat de Granada and Gran Vía.
Blackstone acquired the asset when it took over Hispania REIT in 2018, as part of its strategy at that time to expand its hotel holdings in Spain. Hispania in turn had purchased the office from General Electric RE.
Market sources also confirmed that Blackstone has another Spanish office on the market, namely its Príncipe de Vergara 108 asset in Madrid. A fund managed by UBS is understood to be in the lead to acquire the office in the capital.
Earlier in the year, the private equity giant successfully offloaded the 35,000 m2 future headquarters of ING Bank at Helios Business Park for €190 mln.
