DWS sells landmark office building in downtown Barcelona to Franklin Real Asset Advisors
- The asset, located at number 2, Avinguda de Josep Tarradellas, in Barcelona, is the current headquarters of the Department of Territory and Sustainability of the Generalitat de Catalunya and has 17,500 square meters.
DWS, through one of its German real estate funds, has closed the sale of the emblematic office building at number 2 Avinguda de Josep Tarradellas in Barcelona to the real estate manager Franklin Real Asset Advisors, which has acquired it on behalf of Franklin Templeton's social infrastructure strategy.
The building has 17,500 square meters and was acquired by DWS in 2015. It is currently leased to the Generalitat de Catalunya on a long-term lease. It houses the Department of Territory and Sustainability headquarters, which plays a key role in the region's management, modernization and conservation.
Manuel Ibáñez, Head of Real Estate Iberia, comments: "This transaction demonstrates DWS’ capacity to successfully close the lifecycle of a good acquisition and asset management deal, leading to an attractive return for its investors.”
Raymond Jacobs, Managing Director of Franklin Real Asset Advisors, comments: “We are delighted to acquire this asset, which allows us to further strengthen our existing relationship with the Government of Catalonia. In line with the objectives of our social infrastructure strategy, we will work with the Government to explore social stakeholder partnerships and deliver environmental upgrades to the building.”
Michel Lim, Vice President at Franklin Real Asset Advisors, adds: “This deal is the largest investment to date and the sixth acquisition for our social infrastructure strategy in Spain. It originates from an off-market sale process, allowing us to acquire the building at attractive terms for our investors. Thanks to our extensive network of lenders, we secured favourable financing terms, benefitting from a reduced margin when certain green certification levels are achieved.”
For more Information
Evercom
Tel: 91 577 92 72
Marta Estarellas / Cristina Carrasco: [email protected]
Franklin Real Asset Advisors
Tel: 0207 073 8644
Contacto: Saira Khan: [email protected]
Inés Calvo-Sotelo Hergueta
Tel: +34 91 426 36 12 // 00
[email protected]
DWS - Real Estate
DWS has been investing in real estate assets for more than 50 years. As part of the Alternatives platform, the real estate business has more than 350 employees in nearly 25 cities around the world with more than EUR 78 billion in global real estate assets under management (March 31, 2022). Providing a diverse range of strategies and solutions across the risk/return and geographic spectrums, we offer core and value-added real estate, real estate debt, real estate securities and opportunistic real estate. The real estate investment business employs a disciplined investment approach and aims to deliver attractive long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, retirement plans, and private clients worldwide.
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers boutique specialization on a global scale, bringing extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has 75 years of investment experience and approximately $1.4 trillion in assets under management as of 31 August, 2022. For more information, please visit www.franklintempleton.co.uk/institutions and follow us on LinkedIn, Twitter and Facebook