KGAL Investment Management has marked its entry into the Spanish real estate market with the acquisition of a fully-leased 19,400sqm office building.
The German manager, investing on behalf of a pan European real estate fund, has paid an undisclosed sum to buy The Torre Esteve building from Iberdrola Inmobiliaria.
Built in 2017 the Torre Esteve building is a multi-tenant property of office and restaurant space over 14 upper floors, KGAL said.
Andr茅 Z眉cker, a real estate managing director at KGAL Investment Management, said: 鈥淏arcelona has developed into a high-tech location in recent years. With the change in economic structures, Barcelona has also become more attractive to us as a foreign investor.
鈥淒ue to the lack of available modern office space in the central districts, we also expect rents to rise.鈥�
KGAL, which operates throughout Europe, is headquartered in Gr眉nwald near Munich. The company manages more than 鈧�11bn worth of assets.
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