Barings, one of the world’s largest diversified real estate investment managers, has completed the c.€72 million acquisition of off-market offices Skvalberget 33 from BLDG Holding AB.
The off-market offices are in the Central Business District of Stockholm, Sweden. The 6,185 square meter office building was bought on behalf of institutional investors. The transaction underlines Barings’ conviction in the continued importance of the office as the central focus of businesses’ working practices. The image is from Wikimedia and is reproduced under CreativeCommons.
GERMANY: BERLIN RETAIL PROPERTY FETCHES €65.5m
Benson Elliot, the UK-based private equity real estate fund manager, has acquired a 18,600 sqm grocery-anchored retail asset from RDI REIT for €65.5 million. The Schloss Strassen Center is in the Steglitz-Zehlendorf area in south-west Berlin, and is the first investment undertaken by Benson Elliot since the onset of COVID-19. The property is arranged over the basement (U-Bahn egress), ground and first floors, with a 350-space car park on two further upper levels. The centre is 97% occupied.
SPAIN: BARCELONA OFFICE FORWARD-PURCHASED FOR c€72m
PATRIZIA AG has forward-purchased an office building in Barcelona’s 22@ district in one of the city’s most sought-after areas for businesses for around €72m. Construction for the ca 15,000 square meter Diagrame office building is underway with the building permit already granted. PATRIZIA has purchased the office development from Cain International and its partner FREO Group. The offices at the intersection of Pere IV and Badajoz streets, is expected to be completed by late 2021.Diagrame will be built to the highest standards of sustainability and energy efficiency, guaranteeing a LEED Platinum certification.
UK: BOLTON INDUSTRIAL SITE BOUGHT FOR £12.55m
Arrow Capital Partners has bought an extensive industrial site in Bolton, for £12.55m. It was advised by ACRE Capital. It features a strategically-located industrial warehouse with substantial hard standing and parking areas. The site has exceptional redevelopment potential and is adjacent to Junction 6 of the M61 which provides direct access to the M60 Manchester Ring Road and the wider North West. It is fully let to Essity Operations Limited, a global hygiene and health company, with an unexpired term certain of just over four years.
NORWAY: OSLO OFFICE SOLD
CBRE Global Investors, on behalf of one of its pan-European fund’s, has agreed the sale of Hieronymus Heyerdahlsgate 1, a 13,741 square meter office building in Oslo, Norway to Ferd A/S, a family-owned Norwegian investment-company, in an off-market transaction. Hieronymus Heyerdahlsgate 1 is let to 25 tenants and includes 2,470 square meters of retail accommodation at ground-floor level. It was acquired by CBRE Global Investors in 2016. It is in the Vika neighbourhood of central Oslo.
For more CRE deals see https://www.consorto.com/blog/uk-industrial-estate-fetches-15m/