The building was owned by fund M&G Real Estate, which had acquired it in 2016 for 30 million euro. The building is currently 80% occupied by Catalonia’s Job Agency (Servei Públic d’Ocupació), which will fully occupy it on a long-term lease starting next October.
«We are delighted for having concluded a contract on this building, which fulfills our clients’ goal of investing in buildings which provide social services and have a positive impact on society», explained Franklin Real Asset Advisors’ general manager Raymond Jacobs. The company was advised by RPE for this operation.
Franklin Templeton is one of the largest investment managers in the world. It has 1.5 billion dollars in assets under management. This last purchase is Franklin Templeton’s third acquisition in Spain.
«Spain keeps offering solid market fundamentals and we hope we will carry out similar investments this year in healthcare, education, housing and properties which offer social services to the community», explained Michel Lim, Franklin Real Asset Advisors’ vice-president.