(To read more on the industrial market, click here.)
MADRID-Landscape Inmobiliaria has agreed to sell GE Real Estate Iberia. a 3.23-million-sf mixed-use portfolio in Spain for $792 million (euro 600 million). The portfolio is comprised primarily of office and industrial properties in Barcelona and Madrid.
The portfolio is 85% leased. Significant tenants include Henkel Ibérica, Generalitat (regional government) of Catalonia, Vallehermoso, Banco de Sabadell, El Corte Inglés and Volkswagen-Audi España.
The acquisition takes GE Real Estate's investment total in Iberia--Portugal, Spain, Andorra and Gibraltar--past euro 500 million. GE Real Estate Iberia managing director Marcelo Horcel says the firm expects to pass the euro 1-billion mark in 2007.
"We now have a significant foothold in the Barcelona office and logistics markets, an attractive market expected to show strong rental growth and healthy economic fundamentals underpinning this investment," says Horcel in a prepared statement.
Landscape Inmobiliaria was sold by Banco Sabadell SA in October for $1.18 billion (euro 900 million). The new owner is Astroc. The portfolio Astroc is selling to GE Real Estate represents between 30% and 40% of the company's assets.
Astroc also has reached a preliminary agreement to sell two Landscape hotels assets to Spain's Rayet industrial group for $127.9 million (euro 97 million), according to published reports.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
