ING Real Estate Investment Management has acquired a 27,700-m2 office property in the Can Sant Joan business park in Sant Cugat (Spain), which is located just outside Barcelona. ING Real Estate Investment Management has bought the property, formerly Deutsche Bank’s headquarters, from the Blackstone Group.
The five-story building will be fully let as a triple-net lease to EDS and includes dining,
conference and canteen facilities as well as 489 parking spaces.
The Sant Cugat acquisition will be included in the launching portfolio of a new non-listed fund for institutional investors, the ING Office Property Fund Eurocore Countries. This transaction is the first for the fund.
ING Office Property Fund Eurocore Countries will deliver value-added returns and grow to a target size of €700 million to €1 billion. The fund will take advantage of the anticipated officemarket recovery and will invest in mature office markets in France, Spain, Belgium and Italy. ING will co-sponsor the fund.
Source: ING Real Estate