Spanish REIT Hispania Activos Inmobiliarios has closed the off-market acquisition of 213 apartments located in the Isla del Cielo residential complex, in Parque Diagonal Mar in Barcelona.

Spanish REIT Hispania Activos Inmobiliarios has closed the off-market acquisition of 213 apartments located in the Isla del Cielo residential complex, in Parque Diagonal Mar in Barcelona.

The acquisition was made on behalf of the Hispania Real Socimi, or real estate investment trust, for nearly €64 mln in cash.

The assets were sold by Santander Banif Inmobiliario Fund II.

Isla del Cielo residential complex comprises two apartment towers – Tower A, with 17 floors and 104 flats and Tower B with 21 floors and 150 flats- as well as an underground car park with 237 car spaces. The built surface of the complex amounts to 38,000 m2, with an occupancy rate of 90%.

Diagonal Mar is located in Barcelona’s seafront, at the beginning of the Avenida Diagonal, and represents one of the most high profile real estate developments in the city. The area includes a commercial area of more than 88,000 m2, 68,000 m2 of office Surface, as well as a number of hotels.

Hispania, which raised €550 mln in an Initial Public Offering in March, said it plans to invest in the asset in order to transform it into an outstanding complex of apartments for rent in Barcelona. Earlier this month the recently listed REIT also bought the Hotel Guadalmina in Marbella for €21.5 mln from its family-group owners.

Investors in Hispania include Quantum Strategic Partners, Paulson & Co Inc., Moore Capital, Canepa, Cohen & Steers and APG.

'With this second acquisition in Hispania, we remain loyal to our strategy of investing in quality assets with a clear potential for value creation by means of and investment and management plan,' said Concha Osácar, board member of Hispania and co-founder of Azora, Hispania’s investment manager.

Azora has extensive experience in the investment, repositioning and management of residential assets for rent. It manages around 100 buildings comprising more than 10,200 apartments on a leasehold basis.