GLL acquires BBVA retail unit in Barcelona

GLL Real Estate Partners has acquired a retail unit on Barcelona's Paseo de Gracia from Tree Inversiones Inmobilarias for approximately €31 mln.

The asset is earmarked for SIS-Fund, a real estate investment fund of insurance firm Stuttgarter Versicherungsgruppe.

Located at Paseo de Gracia 25, the property comprises 1,756 m² and is leased to banking group BBVA on a long-term lease.

Robert Schneider of GLL said: 'We saw the property as a rare opportunity to acquire a prime unit in one of Europe’ s growing commercial streets. Prime high street has proven to be a well performing, defensive sector across Spain both before and during the economic downturn; we are therefore pleased to have secured exposure to this successful asset type.'

GLL Real Estate Partners is a Munich-based fund management group with €5 bn in assets under management focused on Western Europe, Central and Eastern Europe, Latin America and the US. Investors in the group include pension funds, insurance companies and sovereign entities.

Tree Inversiones Inmobilarias is an investment vehicle owned by private clients of Deutsche Bank and Banca March in a joint venture with the international funds managed by Ares Management and Europa Capital. The vehicle is being managed by Magic Real Estate.

Retail Partners Europe (RPE) advised on the transaction.