Landon Investments, the investment company of the Spanish Gallardo family, has acquired the head office of Swiss insurance giant Zurich in Barcelona for EUR 50 mln, Spanish paper Real Estate Press has reported. CBRE advised the buyer on the transaction.
Landon Investments, the investment company of the Spanish Gallardo family, has acquired the head office of Swiss insurance giant Zurich in Barcelona for EUR 50 mln, Spanish paper Real Estate Press has reported. CBRE advised the buyer on the transaction.
The office building provides 12,370 m2 of office space across 11 storeys. Insurer Zurich is leasing back 8,500 m2 in the building, nearly 70% of the office accomodation. The remaining space is leased to a number of tenants including the new owner, Landon Investments.
The transaction is one of the largest acquisitions completed in the Barcelona office market over the past year. In February 2009 Deka bought a landmark office building in Barcelona's central Plaza de Catalunya square from Spain's second largest bank, BBVA, for approximately EUR 82 mln.
