Cushman & Wakefield has advised Deka Immobilien on the acquisition of a class-A office building in Barcelona, known as D640, for 145 million.
Deka Immobilien a subsidiary of Germany's largest open-ended property fund DekaBank has acquired the building in a transaction that stands as the largest single-asset deal in the Spanish market in 2010. CB Richard Ellis advised Madrid-based Realia Group on the sale.
D640 is one of the most emblematic office buildings in Barcelona. Located in the financial center's heart, in Avenida Diagonal, the 28,500-m² building is fully let to prestigious firms such as PriceWaterhouseCoopers, Regus, Caja Madrid and Gomez Acebo y Pombo, among others.
Realia said: "This is the largest and most important transaction Realia has carried out this year. It's an example of the quality and liquidity of the company's portfolio, but also demonstrates the financing returns available for these kinds of assets. This transaction is a key part of our investment strategy and is consistent with our wider business plan."
Reno Cardiff, Partner, Cushman & Wakefield, said: "With the acquisition of Diagonal 640, Deka continues its policy of investing in strategic assets and excellent locations. This transaction also demonstrates Deka's interest in Spain's leading office markets as well as its capacity to carry out important transactions. We believe D640 offers a unique opportunity to acquire an emblematic asset with a potential to improve returns in the medium term through asset management and further investment".
Adolfo Ramirez-Escudero, Executive Managing Director Capital Markets, CB Richard Ellis Spain, said: "The D640 sale is an example of what global real estate markets are experiencing. There's strong demand from institutional investors for core assets, particularly when they offer solid rents as well as diversification. This consistent demand allows owners to disinvest at prices that are interesting in the current market conditions."
Source: Cushman & Wakefield