South Korea's largest independent real estate fund manager IGIS Asset Management has sealed the acquisition of the Nestlé headquarters in the Spanish city of Barcelona from Meridia Capital.
IGIS, which has just announced plans to go public next year, is making the purchase through Savills Investment Management for a price believed to be around €87 mln.
The complex consists of five office buildings offering a total of 27,600 m2 of gross rentable space near Avenida Diagonal, one of Barcelona's main avenues.
Meridia bought the asset in February 2016 and has since carried out active asset management on the asset.
'With the disposal of this asset we continue divesting our Fund II,' said Juan Barba, real estate partner at Meridia Capital. 'Since acquisition only two and half years ago Meridia has delivered on the fund ´s value-add strategy and has managed to carry out a refurbishment programme that has improved the facilities significantly.'
Ashurst, Cushman & Wakefield, KPMG and Colliers advised the buyer. Uría Menéndez and Valliance Real Estate Advisors acted for the vendor.
