Swiss insurer Zurich has sold a portfolio of offices in the centre of Barcelona comprising three buildings with a total surface area of 12,000 square metres and 100% occupancy, according to the consultancy firm Savills, which advised on the process.
Two of the assets, those located at Via Augusta 18 with a surface area of 4,000 square metres and Via Layetana 2 with 6,500 square metres, have been purchased by the fund management company Propreal, advised by JLL. The third, located on Calle Estruc with 1,500 square metres, has been acquired by a private investor.
On the legal side, Zurich has been advised by RocaJunyent, while the buyer has been advised by Pérez-Llorca in the case of Propreal and Osborne Clarke in the case of the asset in Calle Estruc.
Alex Bujanda, Zurich's Investment Director in Spain, stated that, "with these transactions, we put an end to the asset rotation strategy that began in 2022 with a focus on strengthening the positioning of the portfolio in grade A, sustainable and efficient assets".
Cédric Vivien, Head of Investment and Portfolio Management at Propreal, commented: "Our acquisition of these two fully-let office buildings contributes to a stable long-term income profile for the fund, with further anticipated capital growth supported by the general shortage of high quality space in prime central locations and high user demand. "We remain confident in the office sector and are looking for further investment opportunities in key cities in continental Europe," he added.
Finally, Carlos Bajo, Director of Capital Markets Barcelona Offices at Savills, indicated that "investor interest in Barcelona remains strong, with investment pressure for well-located core product continuing". "With the closing of this transaction, the attractiveness of the city centre for both investment funds and private investors is clear," he concluded.
