Cain International has completed the acquisition of a portfolio of eight office parks across Spain from Merlin Properties, the Spanish-listed REIT, for €225 million ($249 million).
The portfolio, which comprises six office parks in Madrid and two in Barcelona, has a total area of 133,000 square meters (1.4 million square feet). It is around three-quarters let, offering significant opportunities to add value through securing additional tenants, refurbishment and redevelopment. Cain International’s partner on this transaction is FREO Group, with whom they have an existing joint venture relationship for the development of a 15,000-square-meter (161,000-square-foot) class A office development in the 22@ district of Barcelona.
Daniel Harris, head of European investments at Cain International, said: “The Spanish office market is experiencing significant growth, with rents increasing and vacancy reducing, and these well-located assets offer substantial scope for value
