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IREIT Global Makes Further Inroads Into Spain With The Acquisition Of An Office Building In Barcelona

September 24, 2021 – IREIT Global announced that Sadena Real Estate, S.L.U., a wholly-owned subsidiary of IREIT, has entered into a public deed of sale to acquire an office building known as “Parc Cugat” located in Sant Cugat del Vallès, Barcelona, Spain.

Parc Cugat is a modern Grade A freehold office building with a gross lettable area of approximately 15,510 sqm and is located within a business park in Sant Cugat del Vallès.

The purchase consideration payable for Parc Cugat is €27.2 million (approximately S$43.1 million) (US$31.9 million). This represents a discount of approximately 4.5% to the independent valuation of the Property with rental guarantee.

Mr Louis d’Estienne d’Orves, Chief Executive Officer of the Manager, said, “We are pleased to be able to secure this Property at an attractive purchase price, owing to the strong local expertise of Tikehau Capital. This enables us to offer modern Grade A space at competitive rents to any occupiers.”

“Its quality asset features and long leases with blue-chip tenants will complement well with IREIT’s portfolio, as we continue to execute our strategy to grow and diversify IREIT’s tenant and geographical exposure.”

IREIT currently owns four freehold office properties in Spain, two of which are located in Madrid and the other two in Barcelona. 

Read more here..

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