ING Real Estate has announced the acquisition of the Imagina TV office building in Barcelona, Spain, for €57 million. The property will be added to the ING Real Estate European Office Fund.
The property is located in the southern periphery of Barcelona, close to the central business district and airport. It comprises floor space of around 20,000 m² and 432 parking spaces. The building is divided into six floors and was completely refurbished in 2004. Tenants include Spanish broadcast media including, among others, Television de Cataluña, CCRTV and Mediapro.
Commenting on the acquisition, Leo Weidenaar, Fund Manager, ING Real Estate European Office Fund, said, "Imagina is a sound cash-flow investment that is secured with long-term leases. Furthermore, the transformation of this area includes several developments including health and sports facilities, as well as residential and office properties that will be delivered in the next three to five years, providing upward potential for indirect returns."
Source: ING Real Estate