FINANCE: The CBRE Global Investors’ European Office Fund has sold a 943,000 sq ft Spanish office portfolio to funds managed by Blackstone as part of an “exit strategy”.
The portfolio consists of four buildings in Madrid and Barcelona.
The Barcelona properties are Sant Cugat, a 298,000 sq ft office building let to HP and GFT, and Imagina, a 223, 200 sq ft building that is 70% let. The Madrid properties are the 238,183 sq ft Citibank building, which is 74.5% let to multiple tenants, and the 183,395 sq ft Cedro building, which is 72% let to Cap Gemini.
Frederique Weber, fund manager of EOF, said: “We are pleased with the result of the transaction, which has come off the back of substantially improved sentiment in the Spanish investment market. The transaction has enabled us to deliver successfully on our exit plan in terms of timing and equity.”
CBRE Global Investors was advised by PwC.
sophia.furber@estatesgazette.com
