Acting on behalf of SIS-Fund, a real estate investment fund of STUTTGARTER Versicherungsgruppe, GLL Real Estate Partners have acquired a prime retail unit in Paseo de Gracia, Barcelona from Tree Inversiones Inmobilarias for approximately €31 million.
The property located at Paseo de Gracia 25 comprises 1,756m² and is leased to BBVA on a long term lease. Paseo de Gracia is one of Spain’s and Europe’s prime shopping streets and has seen continued growth in the past five years, despite the weak economic climate in Spain.
Robert Schneider of GLL said “We saw the property as a rare opportunity to acquire a prime unit in one of Europe’ s growing commercial streets. Prime high street has proven to be a well performing, defensive sector across Spain both before and during the economic downturn; we are therefore pleased to have secured exposure to this successful asset type.”
GLL Real Estate Partners GmbH (GLL) is a Munich based real estate funds management group with EUR 5 billion assets under management focused on Western Europe, Central and Eastern Europe, Latin America and the United States. Investors with the Group include pension funds, insurance companies and sovereign entities.
Tree Inversiones Inmobilarias is an investment vehicle owned by private clients of Deutsche Bank and Banca March in joint venture with the international funds managed by Ares Management and Europa Capital. The vehicle is being managed by MAGIC Real Estate.
Retail Partners Europe (RPE) advised on the transaction.
For further information please contact:Gordon Simpson/Charlotte Whitley, RLM Finsbury: +44 20 7251 3801
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 75 transactions totalling some €7.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investoralongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by theFinancial Conduct Authority.