The CA Património Crescente Fund, managed by the Portuguese investment fund manager Square Asset Management, has acquired from UBS Building One, corresponding to the first phase of the World Trade Center Almeda Park complex, for approximately €41 million. The transaction was advised by Cushman & Wakefield, acting on behalf of the seller, with Dentons and Uría Menéndez providing legal and tax advice. On the buyer’s side, Garrigues advised on legal and tax matters, while CBRE acted as commercial advisor.
The asset, with a floor area of approximately 15,000 sqm distributed over five floors, is located in Cornellà de Llobregat (Barcelona), one of the main business hubs in the metropolitan area. The building houses Cofidis’ headquarters in Spain, which occupies most of the property, as well as Egarsat on the ground floor.
The transaction forms part of Square Asset Management’s growth strategy in Spain and follows another recent transaction by the firm in Barcelona, namely the acquisition of the headquarters of the Department of Social Rights and Inclusion of the Government of Catalonia.
The building forms part of World Trade Center Almeda Park, a flagship business park located in the Barcelona metropolitan area. Building One was developed in 2003 together with Buildings Two and Three, as part of a complex that today comprises more than 90,000 square metres of office space across seven buildings.
Eusebi Carles, Partner in Capital Markets at Cushman & Wakefield, stated: “This transaction highlights the strong confidence of international capital in Barcelona’s office market, as well as the appeal of well-managed and well-positioned assets, with creditworthy tenants and long-term, stabilised lease contracts that provide visibility of income streams.”
