Deka Immobilien has sold an office and commercial building in a first-class location in Barcelona for approximately €29m. Invesco Real Estate, the global real estate investment manager, has purchased the property from the portfolio of the open-ended real estate fund WestInvest InterSelect.
The prime property is located at Ronda de Sant Pere 5 in the centre of Barcelona, offers around 4,000m² of office and retail space and is fully leased.
Fund management of WestInvest InterSelect used this transaction to take advantage of the good market situation for property sales in Spain, and achieved an extraordinary profit after a holding period of around three and a half years.
Invesco Real Estate has bought the mixed-used property for one of its German separate account clients. The transaction confirms the strong interest in the Spanish market for institutional investors.
