Invesco Real Estate has bought an office and retail asset in central Barcelona from Deka Immobilien for €29 mln.
The asset, which was held in Deka's open-ended WestInvest InterSelect fund, comprises around 4,000 m2 of space.
In a statement, Deka said that WestInvest InterSelect's fund managers were 'taking advantage of the good market situation for property sales in Spain', and had achieved 'an extraordinary profit after a holding period of around three and a half years'.
Invesco Real Estate purchased the asset for one of its German separate account clients. The fully-leased property was built in 1891 and extensively renovated in 2001/2003.
Arturo Díaz, CEO of Savills Barcelona, who advised Invesco, commented: 'For our client, this represents an acquisition of a Grade A building in an unbeatable prime location with top tenants, combining mixed office and retail use with a long-term secure yield and excellent liquidity.'
According to Savills, demand for this type of asset in central Barcelona is at its highest, predominantly from international investors who are now turning their attention to a market traditionally dominated by domestic institutions. 'So far this year, we have seen very few deals in the same league as the acquisition of Ronda de Sant Pere 5, which indicates a lack of quality investment product in Barcelona’s prime locations,' said Díaz. 'This is why we are advising our investor clients on bespoke, off-market transaction strategies,' he concluded.
