German fund manager Real I.S. has set up operations in Spain and announced the acquisition of the Terrassa Plaça retail park in the greater Barcelona area, Spain, on behalf of its Real I.S. BGV VII Europa special real estate AIF.
The seller is property developer Citygrove. The parties have agreed to keep the purchase price confidential.
'With the acquired property in Terrassa and its own branch in Madrid, Real I.S. is expanding further in Europe,' said Georg Jewgrafow, Chairman of Real I.S.' Board of Management. 'Together with the recently opened branch in Amsterdam, Real I.S. is now present in five European countries besides Germany, France and Luxembourg.'
The company said that it is planning further investments in Spain.
Opened at the end of October 2017, the two-storey retail park has a rental area of around 29,500 m2 as well as some 1,000 parking spaces. The property includes a Petrocat fuel station and La Tagliatella, a detached restaurant, on the ground floor, along with 10 rental units and parking spaces.
Real I.S. was advised by real estate firm Savills and law firm Monereo Meyer Marinel-Lo, as well as by BDO Madrid.
