German fund Meag Munich Ergo Real Estate Investment has made its first foray into Barcelona with the acquisition of the Blue Building office block from the Hovisa Group, a consortium formed by Deutsche Bank and Patron Capital, for ¬50m.
The Blue Building, which is next to the Hotel Arts in Barcelona’s Olympic Village, comprises 16,000m2 of offices and retail, together with the ballroom and conventions facility for the Hotel Arts.
Tenants include Sanofi Winthrop, which has its Spanish headquarters in the building, Pierre Fabre, Ricoh Espana, Lumar, and the regional head office of McDonald’s.
The Hovisa Group bought the Hotel Arts complex in December 2001. The sale of the Blue Building is the consortium’s first divestment of non-core assets, as part of a strategy of concentrating on the hotel sector.
Meag is an investment fund with headquarters in Munich, and is part of Munich Re Group’s asset management division. The fund’s strategic objective is to invest in buildings in the main European centres, mainly in the office sector.
Cushman & Wakefield Healey & Baker advised Meag on the transaction and Jones Lang LaSalle acted on behalf of Hovisa.
