Real I.S scoops up office building in Barcelona from local family office

Real I.S., part of German savings banks group Sparkassen-Finanzgruppe, has acquired the Avenida Diagonal 67 office building in Barcelona for its open-end real estate fund BGV VIII Europa from a local family office.

The purchase price was not disclosed.

The firm’s BGV VIII Europa fund’s portfolio is composed of core and core-plus office and retail properties, supplemented by mixed-use, logistics and retail assets, according to the Real I.S. website. The fund targets assets in Europe, with a particular focus on Germany and France, followed by Benelux, Spain, and Ireland. It has a planned investment volume of €1 billion ($1.1 billion).

The eight-story building features has more than 5,400 square meters (58,125 square feet) of office space and is fully leased to anchor companies from the marketing and technology sectors. The space also contains three below-ground floors of parking spaces.

“The office property market in Barcelona is generally developin