Principal Real Estate Europe has purchased an office building in Barcelona from Goldman Sachs on behalf of its Principal European Office Fund (PEOF), according to several German news sources.
Goldman Sachs sold the 13-story office property, known as “Torre Llacuna,” to Principal for an undisclosed amount.
The property is located in the 22 @ innovation district, near the striking Torre Glòries office building and is let to several tenants, including a video game developer and hospital operator.
According to Principal, the PEOF fund focuses on first-class European properties and is targeting deal volume of €600 million ($665 million). The fund has already invested €162 million ($179 million) in seven properties, located in Amsterdam, Lisbon, Milan, Paris and Toulouse, France.
Cushman & Wakefield advised Principal Real Estate Europe on the acquisition.
