The manager of IREIT Global has announced that it has acquired an office building in Barcelona, Spain for a total consideration of EUR27.2 million ($43.1 million) on Sept 23.
The freehold Grade A office building, named Parc Cugat, has a gross lettable area of approximately 15,510 sqm and is located within a business park in Sant Cugat del Vallès. It currently has a committed occupancy of 64%, including 76.5% occupancy for office space only. It has a weighted average lease expiry by gross rental income (GRI) of approximately 6.8 years.
According to the manager, the building generates an annual GRI of approximately EUR1.5 million as at Sept 23. Tenants comprise blue-chip companies including IBM spin-off Kyndryl, KLB Group and Grupo Escada.