#NewDeal | We've acquired two iconic office buildings in Central Barcelona.
The transaction is the second for the closed-end PCP European RE Fund I, for which we recently raised €150 million from investors through Propreal’s partnership with multi-asset advisory firm Triatlum Advisors AG. The fund targets core and value-add investments across the office, hospitality, logistics and retail property sectors worldwide.
The two buildings, totalling 12,000 sqm, are fully-let and located in strategic office locations, respectively in the heart of Barcelona's business district and the historical city centre:
- The first building is located on Via Augusta 18, at the heart of Barcelona’s City Centre, next to the Avenue Diagonal. The 6,000 sqm office building is fully occupied on a long-term lease by Mutua Asepeyo, one of the largest Spanish non-profit health insurers for associations of business owners, which has a AAA credit rating.
- The second building, located on Via Laietana 2, is centrally situated in Barcelona’s oldest neighbourhood, the ‘Ciutat Vella’ historical district, which houses some of the city’s most renowned and iconic public buildings. This is reflected in the building’s unique architecture, which differentiates it from the usual contemporary style of most office blocks. It has 6,500 sqm of office and public space fully let to the Catalan Government, Generalitat de Catalunya, under a long-term lease.
We have strong confidence in the office sector and we’re continuously looking for new investment opportunities in key cities across continental Europe.