CBRE Global Investors has sold a Spanish office portfolio to US private equity giant Blackstone for an undisclosed amount.

CBRE Global Investors has sold a Spanish office portfolio to US private equity giant Blackstone for an undisclosed amount.

The 87,620 m2 portfolio consists of four office buildings, two of which are located in Madrid and another two in Barcelona. The Madrid properties are known as Citibank - owned in partnership with the CBRE Iberian Value Add Fund - and Cedro, while the assets in Barcelona are known as Imagina and Sant Cugat.

CBRE GI said the properties are being sold by the CBRE European Office Fund in line with its exit strategy.

In Madrid, the Citibank building (22,128 m2) is currently 74.5% let, while Cedro (17,038 m2) is 72% let to software firm Cap Gemini. In Barcelona, Sant Cugat (27,715 m2) is fully occupied by HP and GFT, while Imagina (20,736 m2) has an occupancy rate of 70%.

Commenting on the transaction, Frederique Weber, fund manager of EOF, said it had ‘come off the back of substantially improved sentiment in the Spanish investment market’.

‘The transaction has enabled us to successfully deliver on our exit plan in terms of timing and equity.’

CBRE Global Investors was advised by PricewaterhouseCoopers.

The deal comes just a week after Blackstone’s European logistics platform Logicor acquired a portfolio of six logistics assets in central Spain from developer Gran Europa for an undisclosed sum.