Private equity firm Carlyle Group is acquiring the Barcelona office of Spanish telephone company Telefonica for EUR 220 mln, Spain's news agency EFE has reported. Carlyle is buying the so-called Estel Building through its Carlyle Europe Real Estate Partners II fund. The property, located in Avenida de Roma in Barcelona, comprises some 38,000 m[sup]2[/sup] of residential space, 4,000 m[sup]2[/sup] of commercial areas and a four-storey parking lot. Telefonica will occupy the building until 2010, when its new head office development next to Barcelona's Forum is expected to be completed.
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