Principal Real Estate Europe, the European real estate investment arm of Principal Global Investors, has acquired the Torre Llacuna office building in Barcelona from Goldman Sachs.
Financial details were not disclosed, but reports place the deal volume at around £33 mln (€39 mln).
Located at 166 Calle Llacuna in the 22@ ‘innovation’ district in Barcelona, the 13-storey multi-let office building is occupied by several tenants including the video game developer, Social Point, and the hospital operator Quiron Salud.
The building was purchased for the Principal European Office Fund (PEOF) and the deal was managed through the firm's Madrid office by Jaime Abad, senior transaction manager, and Iñigo Taboada, head of Spain.
'We’ve chosen Barcelona for PEOF’s latest acquisition because of the city’s strong fundamentals including a robust occupier market and potential for rental growth over the longer-term,' Taboada said. 'Take-up of space in the 22@ district in particular has increased steadily over the past couple of years, fuelled by a shortage of good quality office space in the city centre.'
Following the deal, Principal manages eight assets in Spain.
Cushman & Wakefield (technical & commercial), SDH and EY advised Principal.