Pan-European real estate investment company Europi Property Group, together with Kefren Capital Real Estate, has launched a new joint venture focused on office assets in the Spanish cities of Madrid and Barcelona.
Initially, the JV will seek to invest €150 mln in high quality, grade A office assets.
Jonathan Willén, CEO of Europi said: 'This is a milestone for Europi, Esplugues 225 is our first direct investment in Spain within a high-conviction strategy alongside our excellent JV partner Kefren Capital Real Estate, who have a long successful track record as well as best-in-class asset management capabilities.
'Both Barcelona and Madrid are attractive ‘knowledge & innovation hubs’ with attractive macro profiles relative to European peers. We continue to seek appropriate further add-on opportunities.'
Europi and Kefren have also recently completed on the seed asset for the strategy in Barcelona. Esplugues 225 is a 9,500 m2, high quality, grade-A office asset in a strategically important location for occupiers.
Anchored by Servihabitat, a wholly owned subsidiary of La Caixa, the asset provides high quality space for occupiers at an attractive price point in a strong and improving micro location.
Europi and Kefren will be focused on enhancing the ESG credentials of the asset, as well as improving the tenant environment to provide a sustainable space tailored to modern and future occupier needs.
Pelayo, CEO of Kefren Capital said: 'We are delighted to form this Joint Venture with Europi and are already looking to add more assets soon to the portfolio. We have been active in the office space for the last years.
'This JV marks an important step in the development of our strategy as a value-add investor in Spain. Our mission is to create workspaces which are attractive to its occupiers and respectful with the environment. We intend to obtain the maximum ESG certifications for the assets in our portfolio.'
The JV is targeting well located offices within Madrid & Barcelona, and has an identified pipeline focusing on assets that will benefit from active asset management. It aims to add a further two or three assets in the near term.
Buigas and Dress & Sommer acted as legal and technical advisor to the JV in the acquisition of Esplugues 225.
