KGAL Investment Management GmbH & Co. has entered the Spanish real estate market, acquiring The Torre Esteve building on behalf of a pan-European real estate AIF from Iberdrola Inmobiliaria, a wholly owned subsidiary of the Spanish power generation company Iberdrola.
Built in 2017, Torre Esteve is a multi-tenant property with a total area of 19,400 square meters (208,820 square feet) of office and restaurant space over 14 upper floors. More than 60 percent of the space is leased to Esteve, the namesake Spanish international pharmaceutical company with a strong credit rating, while the second-largest tenant is the Spanish Registry Office. Due to the high quality of construction and fit-out, the property was awarded a BREEAM rating of Very Good.
Barcelona has been developing into an attractive office, hotel and residential location for several years and is one of the most dynamic office real estate markets in Southern Europe. Having attracted approximately 1,300 regi
