Colonial sells two office buildings in Barcelona to Curzon Capital Partners 5 LL
Two assets located in Les Corts and Plaça Europa amounting a total of 18.150 sqm with environmental certifications.
The company divest in these two properties following its policy of active portfolio rotation.
Madrid, September 28th
Colonial has signed the disposal of two office buildings located in Barcelona to Curzon Capital Partners 5 LL ("CCP 5 LL"), the perpetual core plus fund advised by pan-European investment manager Tristan Capital Partners. The first of these two assets, placed in Les Corts district, near the Sants Station, is located between Berlin 38-48 and Numancia 46. It is a 13,280 sqm building distributed over seven completely exterior floors and has Breeam Good certification. The second asset that Colonial divested is placed in Plaça Europa 40-42, it has a surface area above ground level of 4,869 sqm, distributed in five floors. The portfolio of Colonial in Barcelona is currently close to the full occupation.
The assets have been sold at prices at levels of last reported GAV. This operation is part of Colonial's industrial strategy for the active management and rotation of its building portfolio, the total value of which is more than 12,000 €M.
During the last 3 years, Colonial Group has carried out important divestments of non-strategic assets, which are of interest of other investors. These deals have provided income for the company of more than 1,400 €M.
After the completion of this transaction, Pere Viñolas, CEO of the Colonial Group affirmed: "The disposal of
the two assets has fulfilled Colonial expectations, being able to create value for our shareholders. We have been able to reinforce the quality of our portfolio and strengthen the Balance sheet of the company. With this transaction we are confirming the strong interest of institutional investors for high quality offices in Spain"
Colonial has been advised by Ramón y Cajal. CCP 5 LL has been advised by Uría, SAN and CVO Group.
Colonial is a Spanish listed REIT company (SOCIMI), leader in the European Prime office market with presence in the main business areas of Barcelona, Madrid and Paris with a prime office portfolio of more than one million of sq m of GLA and assets under management with a value of more than €12bn.
"The information included in this document should be read together with all of the public information available,
particularly the Company's website www.inmocolonial.com."
For more information:
Roman 93 4142340
Xavier Ribó firstname.lastname@example.org +34 669 486 003
Víctor Palacio - email@example.com +34 677 782 370
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Inmobiliaria Colonial SOCIMI SA published this content on 28 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 September 2020 06:29:06 UTC