A joint venture between Swedish real estate company Europi Property Group, the Arié Family Office and Kefren Capital Real Estate has acquired its second office building located at Carrer Lluís Muntadas 5, Cornellà in Barcelona.
The building has been acquired from Siemens in a partial sale and leaseback transaction.
The 13,088 square meter, grade A, multi-tenanted office asset is strategically located, close to local, national, and international transport infrastructure as well as nearby amenities. At acquisition, the building has an occupancy ratio of 86% and is partially occupied by Siemens group companies as well as other blue-chip tenants such as Nexeo Solutions, ISS, TDK, and Atos.
With this acquisition, the JV consolidates its presence in Barcelona, where it has owned the nearby building Esplugues 225, since December 2021.
The JV plans to optimise the asset from an ESG perspective and achieve BREEAM ‘Excellent’ certification, aiming to deliver a world-class space that is sustainability-oriented, ready to meet the present and future demands of existing and future occupiers alike, and at an attractive price point.
Europi and Kefren formed a JV in 2021 intending to invest EUR 150 million in high-quality and strategically located office buildings in Madrid and Barcelona, cities recognised for their strong market dynamics and attractiveness for both tenants and investors.
The JV looks to acquire assets that allow for active management focused on improving ESG credentials, occupancy, technical specifications of the building, and the environment for tenants.
Jonathan Willén, CEO of Europi, comments: “This is our second direct investment in Spain and demonstrates our continued high conviction in the strategy and our partner Kefren Capital Real Estate. We believe it’s possible to find attractive investment opportunities in Barcelona and Madrid even in the current macroeconomic environment and continue to look for appropriate new opportunities in these markets.”
Pelayo, CEO of Kefren Capital, comments: “We are proud to continue to expand our JV with Europi Property Group and the Arié Family Office with the addition of this building to our portfolio. In a context of uncertainty in the real estate market, we have managed to close the acquisition and financing of this grade A, high yielding asset in a gentrified urban location of Barcelona. This represents an important step in our strategy as Value-Add investors in Spain. Our main objective is to create attractive workspaces for occupiers, with a focus on environmental sustainability. We strive to obtain the highest ESG certifications for our assets.”
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