Curzon Capital Partners 5, (CCP 5 LL), the perpetual core plus fund advised by pan-European investment manager Tristan Capital Partners, has acquired two office buildings in Barcelona from Spanish REIT Colonial.
Financial details were not disclosed, but Colonial said that the prices were in line with the firm's last reported gross asset value.
The properties, located in Les Corts and Plaça Europa, amount to a total of 18,150 m2 of lettable space and are both close to fully occupied.
The Les Corts asset, situated near the Sants Station, is located between Berlin 38-48 and Numancia 46. It is a 13,280 m2 building distributed over seven floors and has Breeam Good certification.
The second asset, located at Plaça Europa 40-42, has an area above ground level of 4,869 m2, distributed over five floors.
Nikolay Velvev, executive director at Tristan Capital Partners, said: 'Over the past five years, Barcelona has rapidly gained prominence as a technological and pharma hub and has seen strong demand from major national and multinational corporates.
'These buildings offer exposure to two established office submarkets in microlocations that benefit from excellent transport links. Both assets were built with high quality standards and specifications that fit modern requirements for both multi and single tenants and have been resilient performers during the coronavirus crisis.'
The disposal forms part of Colonial’s strategy for the active management and rotation of its portfolio, the Spanish firm added.
Pere Viñolas, Colonial's CEO said: 'The disposal of the two assets has fulfilled Colonial expectations, being able to create value for our shareholders.
'We have been able to reinforce the quality of our portfolio and strengthen the balance sheet of the company. With this transaction we are confirming the strong interest of institutional investors for high quality offices in Spain.'
Colonial was advised by Ramón y Cajal.
CCP 5 LL was advised by Uría Menendez, Savills Aguirre Newman and CVO Group.
