Located at Carrer Lluís Muntadas 5, Cornellà, the building has been acquired from Siemens in a partial sale and leaseback transaction. The 13,088 m2, grade A, multi-tenanted office asset has an occupancy ratio of 86% and is partially occupied by Siemens group companies as well as other blue-chip tenants such as Nexeo Solutions, ISS, TDK, and Atos.

With this acquisition, the JV consolidates its presence in Barcelona, where it has owned the nearby building Esplugues 225, since December 2021. The new owners plan to optimise the asset from an ESG perspective and are targeting BREEAM 'Excellent' certification for the asset.

Europi and Kefren formed a JV in 2021 intending to invest €150 mln in high-quality and strategically located office buildings in Madrid and Barcelona.

Jonathan Willén, CEO of Europi, commented: ‘This is our second direct investment in Spain and demonstrates our continued high conviction in the strategy and our partner Kefren Capital Real Estate. We believe it’s possible to find attractive investment opportunities in Barcelona and Madrid even in the current macroeconomic environment and continue to look for appropriate new opportunities in these markets.’

Pelayo, CEO of Kefren Capital, added: ‘In a context of uncertainty in the real estate market, we have managed to close the acquisition and financing of this grade A, high yielding asset in a gentrified urban location of Barcelona. This represents an important step in our strategy as Value-Add investors in Spain. Our main objective is to create attractive workspaces for occupiers, with a focus on environmental sustainability. We strive to obtain the highest ESG certifications for our assets.’