The 8.500 sqm building, formerly owned by fund AKM Real Estate II, managed by Mina Inmobiliaria, is located at numbers 39-47 calle Juan de Austria in Barcelona and features 24 parking spots.
The assets’ stores are leased to Catalonia’s Generalitat and the offices on the remaining floors are vacant, justifying AEW’s bet in attracting new tenants. In order to do that, the German fund will refurbish the asset to improve its quality and sustainability standards and attract tenants.
The operation was advised by TC Gabinete Inmobiliario, Spanish independent consultant which has advised operations representing a combined total of around 2 billion euro in operations, the last of which was also to advise AEW in the purchase of 216 dwellings for rental in Valencia from Metrovacesa.
Distrito 22@, where companies such as Amazon, Telefónica, Everis, HP, Cuatrecasas and Mediapro have offices, is one of the most in-demand areas of Barcelona. Recently, CBRE GI bought office complex Z Green Oasis from Glenwell for around 80 million euro.
According to the 22@ Property Telescope report compiled by consultant EY, this Barcelona district has become one of the highest rated business and office centres in Europe and the real estate assets located in this area have increased their value 140% during the last decade.
When taken into account the last 15 years evolution, this is Europe’s fourth location where prime rents have increased the most, with a 38% increase, going from 16 euro/month/sqm to 22 euro/month/sqm, according to the report.