The 8,126 sqm mixed use building is located adjacent to Plaza Catalunya, Barcelona’s historic center and a popular tourist destination. The property is 100% occupied with a weighted remaining lease term of over 12 years. The building provides retail space on the basement, ground and mezzanine levels, which is leased to MediaMarkt. On the other hand, the office floors of this class A asset are fully let to the Catalan Regional Government.
Myles Sanger, Portfolio Manager of CBRE Global Investors, stated that "the building Carrer de Fontanella is a solid asset to add to the portfolio of one of our main separate account of international clients. Our client investment’ principles are based in stability and in assets with lease contracts, providing a stable cash-flow and long term high quality. We expect steady rental growth due to the prime location and the positive outlook for the Spanish economy.”
“This is the first acquisition in the Spanish market for this client and we believe this property will perform very well for them. The Spanish economy is well positioned and expected to deliver strong growth in the forthcoming years. We continue to see significant transactional activity as international capital flows into Spain” stated Antonio Roncero, transactions manager Spain, CBRE Global Investors.