Principal buys Barcelona office property from Goldman Sachs

Principal buys Barcelona office property from Goldman Sachs

Principal Real Estate Europe, the European real estate investment arm of Principal Global Investors, has acquired the Torre Llacuna, an office property in Barcelona from Goldman Sachs for its Principal European Office Fund (PEOF).

The deal was managed through the Madrid office by Jaime Abad, Senior Transaction Manager, and Iñigo Taboada, Head of Spain.

Located at 166 Calle Llacuna in the 22@ ‘innovation’ district in Barcelona (close to the iconic Torre Glòries building), the 13-storey multi-let office property in Barcelona is occupied by several tenants including the video game developer Social Point and the hospital operator Quiron Salud.

Commenting on the acquisition, Iñigo Taboada, Head of Spain and Asset Management at Principal Real Estate Europe, said: “We’ve chosen Barcelona for PEOF’s latest acquisition because of the city’s strong fundamentals including a robust occupier market and potential for rental growth over the longer-term. Take-up of space in the 22@ district in particular has increased steadily over the past couple of years, fuelled by a shortage of good quality office space in the city centre.”

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Sebastian Lietsch, fund manager at Principal Real Estate Europe, added: “Our first acquisition in Spain for PEOF, Torre Llacuna complements the fund’s existing portfolio of core pan-European office assets located in Amsterdam, Lisbon, Milan, Paris and Rotterdam. We continue to be on the lookout for wellpositioned assets to add to the portfolio.”

Cushman & Wakefield (technical & commercial), SDH and EY advised Principal Real Estate Europe on the acquisition. Principal Real Estate Europe manages eight assets in Spain