Acquisition of Diputación 260 building, Barcelona
PONTEGADEA instructed C&W to prepare a value analysis of their city centre office building located on Calle Diputacion 260 in Barcelona. The property had been identified by Pontegadea as not fitting within their current property portfolio.
The property comprised 3,700 sq m of offices along with 35 underground car parking spaces. The appraisal and sensitivity analysis was completed to provide Pontegadea with a view of achievable prices in the market and possible transaction structures available. Cushman & Wakefield were asked to approach an investor on an off market basis.
The investment fund manager IVG had been seeking a prime office investment in the Prime area of Barcelona for a number of years. Aware of this demand, Cushman & Wakefield presented them with the opportunity to put forward an off market offer for the property.
Pontegadea were able to obtain a very attractive disposal price by selling to an investor with a specific demand to invest in Barcelona. Cushman & Wakefield’s thorough knowledge of active investors was key to achieving this. At the same time, IVG secured a Prime office building in a market where available product is almost none existent.