The joint venture between Swedish real estate company Europi Property Group, the Arié Family Office and Kefren Capital Real Estate has acquired its second office building in Barcelona.

The JV has recently completed the acquisition of its second office building in Barcelona, located at Carrer Lluís Muntadas 5, Cornellà. The building has been acquired from Siemens in a partial sale and leaseback transaction. The 13,088 square meter, grade A, multi-tenanted office asset is strategically located, close to local, national, and international transport infrastructure as well as nearby amenities. At acquisition, the building has an occupancy ratio of 86% and is partially occupied by Siemens group companies as well as other blue-chip tenants such as Nexeo Solutions, ISS, TDK, and Atos.

With this acquisition, the JV consolidates its presence in Barcelona, where it has owned the nearby building Esplugues 225, since December 2021. This allows synergies to emerge that will provide its tenants with better services and resources. The JV plans to optimise the asset from an ESG perspective and achieve BREEAM 'Excellent' certification, aiming to deliver a world-class space that is sustainability-oriented, ready to meet the present and future demands of existing and future occupiers alike, and at an attractive price point.

During the acquisition, the buyer was represented by: Buigas, as legal advisor, and Dress & Sommer as technical advisor. The seller was represented by: Deloitte Legal, as legal advisor, and BNP Paribas as advisor on the sale.

Europi and Kefren formed a JV in 2021 intending to invest EUR 150 million in high-quality and strategically located office buildings in Madrid and Barcelona, cities recognised for their strong market dynamics and attractiveness for both tenants and investors. The JV looks to acquire assets that allow for active management focused on improving ESG credentials, occupancy, technical specifications of the building, and the environment for tenants.

In the short term, the JV aims to selectively add one or two more assets to its portfolio. Both Madrid and Barcelona are highly attractive destinations for occupiers looking to locate or expand within these cities. The high quality of life, highly skilled labour force, strong (inter)national transport links, and relative affordability are all factors indicating that employment and population growth in these cities will outpace other European peers. In addition, recent changes in work patterns have led multinationals and SMEs to reconsider their office presence due to new and accelerating trends such as "working local" and decentralisation of office space. This is expected to continue generating interesting investment opportunities in the submarkets of both cities.

Jonathan Willén, CEO of Europi, comments:

“This is our second direct investment in Spain and demonstrates our continued high conviction in the strategy and our partner Kefren Capital Real Estate. We believe it’s possible to find attractive investment opportunities in Barcelona and Madrid even in the current macroeconomic environment and continue to look for appropriate new opportunities in these markets.”

Pelayo, CEO of Kefren Capital, comments:

“We are proud to continue to expand our JV with Europi Property Group and the Arié Family Office with the addition of this building to our portfolio. In a context of uncertainty in the real estate market, we have managed to close the acquisition and financing of this grade A, high yielding asset in a gentrified urban location of Barcelona. This represents an important step in our strategy as Value-Add investors in Spain. Our main objective is to create attractive workspaces for occupiers, with a focus on environmental sustainability. We strive to obtain the highest ESG certifications for our assets.“ 

For further information please contact:

Jonathan Willén, CEO Europi Property Group, E-mail: info@europi.se

Pelayo Primo de Rivera, Executive Chairman Kefren Capital Real Estate, E-mail: info@kefrencapital.es

Europi in brief:

Europi Property Group is a pan-European real estate investment company with offices in London and Stockholm, investing across all sectors with a flexible investment strategy. Europi has completed public and private transactions with a gross value of over EUR 500 million since inception, together with its network of local operating partners. Through its investment strategy, Europi generates long-term value by combining an entrepreneurial approach with an active ownership approach to social and environmental sustainability issues, generating a positive impact for its shareholders.

Kefren Capital Real Estate in brief:

Kefren Capital Real Estate ("KCRE") is a real estate asset management company established in 2012 by Kefren Capital. KCRE offers investors all the services necessary for the successful execution of a real estate transaction: opportunity sourcing, asset analysis, financing structuring, deal negotiation and asset management. What differentiates KCRE from other platforms is its co-investment capabilities, and its investment philosophy, based on asset management from the owner's perspective and not simply as an external manager. In the last 6 years, KCRE has closed more than 300,000 m2 of real estate transactions in Spain.

Arié Family Office in brief:

Arié is a Portuguese family-owned group with relevant interests in the retail, F&B, electric mobility, energy and real estate industries. Arié currently owns the Portuguese market leader in the Selective Cosmetic and Perfumery sector - Perfumes & Companhia, which has 140 stores across Portugal. On the F&B industry, the group holds a JV with the 2 Michelin Star chef José Avillez which currently owns more than 20 restaurants in Lisbon, Porto and Dubai. Arié also has investments in other sectors as Electric Mobility, Energy and Real Estate.