Deka Immobilien acquires commercial property in Spain (DE/ES)

Deka Immobilien GmbH has acquired Ronda de Sant Pedro 5, paying around €19 million for this office and retail property in Barcelona. The vendor is a family office. With the deal concluded, the asset will be transferred to the property portfolio of WestInvest InterSelect, an open-ended mutual property fund.

The building’s usable floor space of approximately 4,000 m² is fully let. Office space accounts for around 2,600 m² and retail occupies some 1,400 m². Tenants include the Zippy and Prenatal retail chains.

This four-story building dates back to 1891. When the top floors were comprehensively renovated in 2003 and two penthouse-style levels added, the historic sandstone façade was preserved. The property, which is located in Barcelona’s city center near Plaça de Catalunya, has excellent transport links.

The Deka Immobilien fund has exploited an investment opportunity against the cyclical trend to acquire this commercial building in a prime location.

Source: Deka Immobilien

Related News