Arcano fund acquires two assets in Barcelona and Madrid for 20 million euros

Arcano fund acquires two assets in Barcelona and Madrid for 20 million euros

These assets consist of an office building in the Plaza Europa of Barcelona (number 22-24) and a residential building in las calle Divino Pastor, 5 de Madrid.

With these transactions, the fund now has invested 50% of its capital, which it intends to fulfil through the course of this year.

The office block at Plaza Europa, 22-24 de Barcelona involved an investment of approximately 13 million euros. The asset is situated in one of the zones of fastest growth in Barcelona for quality office space. At present, it has 84% occupancy, and a gross lettable area of 7,334 m2, 83 parking spaces and 452m2 basement storage. There are also 164 parking spots under administrative concession.

In line with the added-value strategy of the Arcano fund, the objective – once the property is acquired – is to invest in its remodelling and updating. “Our strategy consists of the repositioning of property combined with active management. From our point of view, Plaza Europa is the natural zone of consolidation of the Barcelona office market which will experience great dynamism over the coming years”, said Pablo Gómez-Almansa, investment director at ASOREF.

The asset acquired in Madrid, in the calle Divino Pastor, 5 at a price just over 6 million euros, is for the construction of 28 completely new residences, one and two bedroomed, plys a commercial are and 8 parking spaces. It is a 810 m2 plot with   an a surface area of 2,371 m2 of constructed residences in the district of Malasaña, in the centre of Madrid between the calles Fuencarral and San Bernardo. It is a well located building in a strategic zone between the calles Princesa, Gran Vía, Fuencarral and Carranza and takes full advantage of the lack of land and scarcity of new residential developments in the zone.

In the words of Eduardo Fernández-Cuesta, responsible partner  at ASOREF, “the two acquisitions announced today underline the policy of Arcano to construct a diversified portfolio, adding value to the property by renovation, new work, and the better positioning of the properties within the market, increasing supply of quality real estate”.


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