Patrizia is responsible for the first major investment operation of the year in Barcelona. The German fund has sold a plot of land in 22@ to develop an office building for the Catalan family office Rentamar, the company of the Vidal family. According to Eje Prime, the operation has been closed at 40 million euros.
The land was owned by Colonial, until Patrizia acquired it for 25 million. The fund will obtain a capital gain from the sale of 15 million euros, or what is the same, a return of 60%, in just two years.
In addition to the acquisition, Retamar intends to invest another 25 million euros more in building the project. The property will have 14,800 square meters, in the northern area of 22@. The future asset will be located at 25 Marroc Street.
