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Investors and international funds carry out latest real estate operations in Barcelona
- • Last year, international capital made up 85% of all investment in Barcelona
- • The price of buildings in Barcelona has returned to pre-crisis levels due to a lack of available assets
Real estate investment in Barcelona in 2015 totaled roughly €2 billion, with a notable increase in investment in offices (+52%) and the industrial and logistics segment (+43%). The trend has held steady throughout 2016, as has the influx of international capital, which last year made up 85% of all investment in Barcelona. The latest operations carried out in recent months confirm this.
In July, a Luxembourg-based investment fundacquired the Pullman Skipper hotel in Barcelona’s Port Olímpic area for €90 million. The hotel was previously owned by Axa Investment Managers Real Assets. Also in late July, pharmaceutical group Novartis sold its headquarters on Carrer Marina to the US investment fund Has Capital for approximately €13.5 million. The building has seven floors and 8,221 m2 of office space.
In early August, additionally, Deutsche Asset Management, a subsidiary of Deutsche Bank, sold the Diagonal Mar shopping center for €493 million. Deutsche Bank expects to invest an additional €30 million over the next four years. In September, the Russian investor operating under the brand Cosmopolitany acquired a block of 32 apartments located next to Sants Station for €13 million.
And in October, there have been two noteworthy operations so far. Firstly, a real estate fund with ties to Swiss Bank UBSpurchased a seven-floor building on Carrer Aribau for more than €55 million. And, British fund Benson Elliot has purchased the Silken Hotel, located next to the Agbar tower, from Bank of America Merrill Lynch for €80 million.
These operations confirm that real estate prices in Barcelona have returned to pre-crisis levels, driven in good part by the shortage of assets available for sale and the policies implemented by large funds, which prioritize real estate investment.
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