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CBRE exits Spain office portfolio in €135m sale to Blackstone

15 Aug 2014

madrid-ctba-1-1172861-mGlobal private equity major Blackstone has bought a portfolio of Spanish offices from fellow PE firm CBRE Global Investors for €135m, according to a source close to the deal.

The assets were previously held under CBRE’s European Office Fund (EOF) and its Iberian Value Add Fund, and have been taken on by Blackstone’s real estate division.

The 87,617 square meter portfolio consists of four office buildings, two located in Madrid and the other two in Barcelona.

EOF fund manager Frederique Weber said, “We are pleased with the result of the transaction, which has come off the back of substantially improved sentiment in the Spanish investment market. The transaction has enabled us to successfully deliver on our exit plan in terms of timing and equity.”

In June this year CBRE partnered up with UK firm Palmer Capital in a four-year project to develop and manage UK real estate sites, as well as acquiring sites with change of use potential.

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