CBRE Global Investors has completed the sale of a Spanish office portfolio on behalf of CBRE European Office Fund (EOF) to real estate funds managed by Blackstone, in accordance with the fund’s exit strategy.
The 87,617 m² office portfolio consists of four buildings, two located in Madrid, known as Citibank (owned in partnership with the CBRE Iberian Value Add Fund) and Cedro, and another two in Barcelona, known as Imagina and Sant Cugat.
The four properties are high quality buildings, in consolidated business locations with good visibility and excellent access. In Barcelona, Sant Cugat is a multi-let property of 27,715 m², fully occupied by HP and GFT; Imagina, a multi-let property of 20,736 m², with an occupancy rate of 70% and high sustainability standards. In Madrid, Citibank building, also a multi-tenant property, with 22,128 m², of which 74.5% is currently let, and Cedro, at 17,038 sq m, which is at present 72% let to Cap Gemini.
Commenting on the transaction, Frederique Weber, Fund Manager of EOF, said: “We are pleased with the result of the transaction, which has come off the back of substantially improved sentiment in the Spanish investment market. The transaction has enabled us to successfully deliver on our exit plan in terms of timing and equity.”