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Sign in Sign up for a FREE subscriptionUnion Investment re-enters Spanish office property market
Union Investment has plans to re-enter the Spanish office property market.
The firm acquired Building C of the Cornerstone in Barcelona from UBS Asset Management for €65 million ($68 million). The acquisition will be added to the holdings of institutional open-ended mutual real estate fund UniInstitutional European Real Estate.
The Cornerstone ensemble consists three office buildings in Barcelona's Poblenou district. The new economic center of Barcelona is a hub for innovative technology companies such as Amazon, Oracle and Facebook.
Built in 2014, Building C, located at Cami Antic de Valencia 54, is the largest building in the Cornerstone ensemble, with a rental area of 10,010 square meters (107,750 square feet) on nine floors. The main tenants are currently the multinational consumer goods company Henkel and the IT service provider Netcentric.
