German listed property firm Verianos said on Friday that its European Opportunities Fund has acquired a portfolio of six fully-let commercial properties in city center locations in Barcelona for an undisclosed amount.
The off-market deal was carried out as a sale-and-lease-back transaction. Verianos’ fund said that it plans to convert the 25,000-m2 portfolio into residential use.
The purchase is the second acquisition of the European Opportunities Fund, following the purchase of a fully let commercial property in a central location in Valencia from the same seller in July 2020.
‘With this strategically important acquisition, we are fully on track in building up the portfolio of the European Opportunities Fund,’ said Ole Sichter, managing partner of Verianos responsible for transactions and assets. ‘Once again, it paid off to be on site in Spain with our own team. Our presence gives us direct access to transactions and the execution of due diligence on site. As a value investor with a focus on properties with repositioning potential in Europe, we expect an increasing number of opportunities in the coming months.’
European Opportunities Fund carried out its initial closing in July 2020 with fund equity of €20 mln. The fund targets properties with value creation potential in Europe, particularly in Germany and Spain. The target volume is €50 mln (fund equity), which will be used for investments in real estate projects with a total volume of around €200 mln.
