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Barcelona office building acquired for €17 million by Catella AM

Catella Asset Management Iberia acquired a 5,800 m² office building in Felipe II street in Barcelona. The transaction has reached an investment volume of €17 million and has been executed on behalf of German fund „Sarasin Sustainable Properties European Cities“ managed by Catella Real Estate AG. The seller was an investment fund, established and managed by the Shaftesbury Asset Management group, who originally acquired the property from Telefónica in 2015.

The property was completely remodelled in 2018 and is located in the La Sagrera neighbourhood in the northwest of Barcelona. It has a constructed area of more than 5,800 m² distributed in basement, ground floor, three heights and terrace, and its current tenants are Telefónica and digital marketing agency CPM. La Sagrera is located next to the thriving office area known as 22@, which is undergoing an improvement of its urban infrastructure and will become a communication hub in Barcelona. Catella AM Iberia has acted as asset manager in the process, which has been the first operation of the “Sarasin Sustainable Properties European Cities” fund in the Iberian peninsula, and will be from now on in charge of asset managing the property.

Javier Hortelano, managing partner of Catella Asset Management Iberia, comments: “We are very happy to communicate our first investment in the office market in the Iberian Peninsula, a market that we consider truly attractive. Our goal is to invest €300 million more over the next two years in different sectors such as residential, retail, offices and alternative like student residences, parking and others currently under study.”

BNP Paribas Real Estate was the exclusive commercial advisor of Shaftesbury Asset Management Group on this transaction.