The German fund KGAL Investment Management has acquired the Torre Esteve in Barcelona. The building, previously owned by Iberdrola Inmobiliaria, has a gross leasable area of 19,423 square metres over 13 floors of office space and one floor of retail space.
Currently, the asset is mainly occupied by Laboratorios Esteve and the Colegio de Registradores de la Propiedad y Mercantiles de España. The deal has been closed for around 100 million euros, market sources told Brainsre.news.
The transaction, which Colliers advised, is part of Iberdrola Inmobiliaria’s rental asset rotation strategy. In fact, with the transaction, the company culminates a strategic divestment process of a mature real estate asset with high investment interest.
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