Savills advises Invesco on acquisition of prime office & retail building in Barcelona

International real estate advisor Savills has advised Invesco Real Estate (IRE) on the acquisition of Ronda de Sant Pere 5 in Barcelona for circa EUR 29 million. The vendor was Deka and the property was included in the portfolio of the open-ended real estate fund WestInvest InterSelect. Ronda de Sant Pere 5 is a first-class commercial asset comprising 4,000 sqm: 2,600 sqm dedicated to office space and 1,400 sqm of high street retail units. The building is fully let.

Arturo Díaz, CEO of Savills Barcelona, comments: “For the vendors, this transaction represents the realisation of increased value obtained from purchasing the building three years back, during a bearish market. For our client, this represents the acquisition of a Grade A building in an unbeatable prime location with top tenants, combining mixed office and retail use with a long-term secure yield and excellent liquidity.”

According to Savills, demand for this type of asset in central Barcelona is at its highest, predominantly from international investors  who are now turning their attention to a market traditionally dominated by domestic institutions. "So far this year, we have seen very few deals in the same league as the acquisition of Ronda de Sant Pere 5, which indicates a lack of quality investment product in Barcelona’s prime locations,” according to Arturo Díaz. “This is why we are advising our investor clients on  bespoke, off-market transaction strategies”.