In an off-market transaction, a portfolio of six fully let commercial properties with a lettable area of approximately 25,000 sqm in «good to very good city-centre locations in Barcelona» was acquired. The purchase was carried out as a sale-and-lease-back transaction.
The objective of the acquisition is to convert the commercial properties into residential use and thus to increase value creation potential.
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.
Ole Sichter, Managing Partner of Verianos SE responsible for transactions and assets: «With this strategically important acquisition, we are fully on track in building up the portfolio of the European Opportunities Fund. 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».
The first closing of the European Opportunities Fund, which was initiated together with the subsidiary Verianos Capital Partners GmbH as a BaFin regulated capital management company (KVG), took place in July 2020 with fund equity of 20 million euro. The fund targets properties with value creation potential in Europe and invests with a volume of between 2 million euro and 20 million euro per investment. A special focus will initially be on the acquisition of properties in Germany and Spain. The target volume is 50 million euro (fund equity), which will be used for investments in real estate projects with a total volume of around 200 million euro.
Verianos is a listed real estate company focusing on value investments in the European small and mid-cap real estate segment, with headquarters in Cologne and offices in Frankfurt, Madrid, Milan and Valencia. It is a real estate partner for family offices, high net worth individuals, institutional investors, fund initiators and financial institutions, connecting the real estate and capital markets.
Press Released By Verianos