German investment manager Union Investment Real Estate has returned to the Spanish office market with a deal in Barcelona for €65 mln.
Building C of the Cornerstone ensemble in Barcelona was purchased from UBS Asset Management and will be added to the holdings of institutional open-ended mutual real estate fund UniInstitutional European Real Estate.
Said Adam Irányi, head of investment management office at Union Investment: 'We have been closely monitoring the Spanish office property market over the past few years and, with the Cornerstone property, we have now seized the opportunity to invest in a taxonomy-compliant property that still has a lot of potential, which we intend to lift together with our local Spanish team.
'This will sustainably improve our Spanish portfolio and position it for the future.'
The Cornerstone ensemble consists of a total of three office buildings and is located in Barcelona's Poblenou district, popular with tech firms.
Built in 2014, Building C is the largest building in the Cornerstone ensemble with a rental area of 10,010 m2 on nine floors.
The main tenants are currently the multinational consumer goods company Henkel and the IT service provider Netcentric. The building has an EPC rating of A and is taxonomy compliant.
Union Investment was advised on legal and tax aspects by Linklaters, and on technical issues by cmT. UBS Asset Management was advised by Cushman & Wakefield.
