Union Investment pays €65m for Barcelona office property

Union Investment pays €65m for Barcelona office property
Building C of the Cornerstone ensemble in Barcelona Image: Union Investment

Hamburg-based real estate investment manager Union Investment has purchased Building C of the Cornerstone ensemble in Barcelona from UBS Asset Management for €65 million.

The acquisition will be added to the holdings of institutional open-ended mutual real estate fund UniInstitutional European Real Estate.

“We have been closely monitoring the Spanish office property market over the past few years and, with the Cornerstone property, we have now seized the opportunity to invest in a taxonomy-compliant property that still has a lot of potential, which we intend to lift together with our local Spanish team. This will sustainably improve our Spanish portfolio and position it for the future,” said Adam Irányi, Head of Investment Management Office at Union Investment.

The Cornerstone ensemble consists of a total of three office buildings and is located in Barcelona’s Poblenou district. The new economic center of Barcelona is a hub for innovative technology companies such as Amazon, Oracle or Facebook.

Built in 2014, Building C is the largest building in the Cornerstone ensemble with a rental area of 10,010 sq m on nine floors. The main tenants are currently the multinational consumer goods company Henkel and the IT service provider Netcentric. The building has an EPC rating of A and is taxonomy compliant.

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