Re-entry into the Spanish office property market: Union Investment acquires Building C of the Cornerstone complex in Barcelona
• First investment in around 12 years
• Acquisition for UniInstitutional European Real Estate
After around 12 years, Union Investment is once again investing in the Spanish office property market. The Hamburg-based real estate investment manager has acquired Building C of the Cornerstone ensemble in Barcelona from UBS Asset Management for EUR 65 million. The acquisition will be added to the holdings of institutional open-ended mutual real estate fund UniInstitutional European Real Estate.
"We have been closely monitoring the Spanish office property market over the past few years and, with the Cornerstone property, we have now seized the opportunity to invest in a taxonomy-compliant property that still has a lot of potential, which we intend to lift together with our local Spanish team. This will sustainably improve our Spanish portfolio and position it for the future."
Adam Irányi, Head of Investment Management Office at Union Investment
The Cornerstone ensemble consists of a total of three office buildings and is located in Barcelona's Poblenou district. The new economic center of Barcelona is a hub for innovative technology companies such as Amazon, Oracle or Facebook.
Built in 2014, Building C is the largest building in the Cornerstone ensemble with a rental area of 10,010 sq m on nine floors. The main tenants are currently the multinational consumer goods company Henkel and the IT service provider Netcentric. The building has an EPC rating of A and is taxonomy compliant.
Union Investment was advised on legal and tax aspects by Linklaters, and on technical issues by cmT. UBS Asset Management was advised by Cushman & Wakefield.
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