Sarasin sustainability fund invests in Barcelona
The Sarasin Sustainable Properties - European Cities fund has acquired an office building in the northwest of Barcelona.
The property is located on Carrer de Felipe II in the La Sagrera district. The seller was a fund of Shaftesbury Asset Management, which had acquired the property from Telefónica in 2016.
Built in 1961 and renovated in 2018, the four-story property has approximately 5,800 square feet of leasable space and is fully leased to two occupants. The main tenant, the marketing agency CPM, occupies around 70% of the rental space. In the immediate vicinity of the property, one of Barcelona's most important infrastructure projects is under construction, the expansion of a new transportation hub with high-speed train connections. The city also plans to redesign the surrounding area to make it more attractive for pedestrians, cyclists and public transport.
Sarasin Sustainable Properties - European Cities is a product of Catella Real Estate in cooperation with Bank J. Safra Sarasin. The fund is aimed at institutional investors in Switzerland, Austria and Germany. At least 75% is invested in commercial real estate with a focus on office and retail. Each building must meet Bank Sarasin's sustainability standards. (ah)
