Colliers, (NASDAQ: CIGI; TSX: CIGI), a global leader in real estate investment management and advisory services, has advised the German fund, KGAL Investment Management GmbH & Co.KG, in the acquisition of Torre Esteve in Barcelona. The building, until now owned by Iberdrola Inmobiliaria, has a gross leasable area of 19,423 m2, distributed over 13 floors of offices and a floor of commercial premises. Currently the asset is occupied by Esteve Laboratories and the Association of Property and Mercantile Registrars of Spain.
Torre Esteve is part of the BcnFira District, the largest office complex currently under development in Barcelona. BcnFira District is made up of four newly built buildings totaling more than 90,000 m2. The 4 assets of the complex stand out for their grade A energy rating, their first-level certifications and form a unique business district in Barcelona for sustainability and functionality.
Germán Fernández, Managing Director of the Barcelona office at Colliers explains: “With this operation, our Barcelona office consolidates itself as a leading advisor in complex transactions within the Capital Markets and Corporate Finance area. For its part, KGAL has been able to take advantage of the opportunities offered by the Barcelona office market and, specifically, the Barcelona Fira District. In this sense, investment in the office segment, during this first half of 2021, already exceeds the figure of 600 million euros, well above the 290 million that were invested in the same period of 2020. of Barcelona to attract institutional capital and the potential that investors see compared to other European cities ”.
“We are delighted to have advised KGAL on this first operation in Spain, both due to its size and the relevant market in which it operates. The capabilities of our Capital Markets team, the knowledge of the asset by our Barcelona office together with the power of the international Colliers network, have been decisive in the generation and materialization of this important transaction, which highlights the interest of foreign investors in Spain and opens the door to new large-scale operations given the enormous liquidity in the market ”- says Alberto Díaz, General Director of Capital Markets at Colliers.
The investor, KGAL, has a portfolio of assets under management of over € 11 billion and assets under management of more than € 4 billion. KGAL has a presence in the real estate sector and also in others such as energy or aviation. With this operation, KGAL formalizes its first transaction in the Spanish real estate market.