Spanish property company Prima Immobiliaria has bought two landmark properties in Barcelona from Gerald Ronson’s Heron International for £40m. The sale price equates to an equivalent yield of under 6%.
Both buildings – the 15,000 sq m (160,000 sq ft) office block Heron Barcelona and the 8,000 sq m (90,000 sq ft) office and retail complex Heron Passeig de Gracia – are in the prime area of the city’s central business district.
Heron Barcelona, completed in 1986, is multi-let to tenants such as Hewlett-Packard, Microsoft and Midland Bank. Air France, Beta Capital and the Fashion Cafe are among the occupiers at the newly refurbished Passeig de Gracia.
The Heron group is also developing another site in Barcelona and one in Madrid as part of its £500m European entertainment and leisure programme.
Gerald Ronson, Chief Executive of Heron International, said: “We are extremely interested in the emerging opportunities in the Spanish market and will be expanding our interest there, capitalising on Heron’s significant expertise.”
EGi News 15/04/98
