The Australian fund has closed the purchase of an office building at 193 Pallars street in Barcelona, until now owned by Starwood. The property is located at 22 @, in the Barcelona neighborhood of Poblenou. The operation has been closed for around seventy million euros, according to Brainsre.
The office building has about 13,000 square meters of gross leasable area and is practically fully occupied. Among its tenants are top-level multinationals with long-term contracts, such as Hewlett Packard Enterprise, General Electric, Ticket Master, Regus or the Alicante eyewear manufacturer Hawkers.
Starwood bought the property in 2019 from Autonomy Capital in a package that also included the Omega office park, located in Madrid's A1 corridor, with a gross leasable area of 33,468 square meters. For both properties, the company disbursed 125 million euros.
The building was put up for sale by Starwood Capital in early 2021, when it invited the consultancies Cbre, Savills Aguirre Newman and Cushman & Wakefield to submit offers to acquire the Pallars 193 sale mandate. Ultimately, Cbre was commissioned with the sale.
Prior to the purchase of the building, the Australian fund operated in the Spanish market with its GLL Real Estate Partners fund in telecommunications infrastructures. In addition, with the help of the Spanish insurance group Mapfre, Macquarie has closed real estate purchases in large European markets such as London and Hamburg. Thus, at the end of 2020, Mapfre, together with the fund, closed its first major investment in the London office sector through GLL. A year later, they made a similar investment by acquiring another building of the same type in the prime area of the German city.
In its last half-year results, closed at the end of September, Macquarie had revenues of 7,804 million Australian dollars (about 4,950 million euros), with a profit of 2,043 million (about 1,300 million euros).