Cain International has completed the acquisition of a portfolio of 8 office parks across Spain from Merlin Properties, the Spanish-listed REIT, for €225m. The portfolio, which comprises six office parks in Madrid and two in Barcelona, has a total area of 133,000m². It is around three-quarters let, offering significant opportunities to add value through securing additional tenants, refurbishment and redevelopment. Cain International’s partner on this transaction is FREO Group, with whom they have an existing joint venture for the development of a 15,000m² Class A office development in the 22@ district of Barcelona.
Daniel Harris, Head of European Investments at Cain International, said: “The Spanish office market is experiencing significant growth, with rents increasing and vacancy reducing, and these well-located assets offer substantial scope for value creation through a granular approach. We are pleased to be adding to our portfolio through this deal and are actively continuing to seek out further investment opportunities. With this acquisition, our development in 22@ in Barcelona and our current pipeline, we are aggregating a portfolio of close to €500m which demonstrates our confidence in the current cyclical opportunity in Spain.”