The 8,126 sqm property benefits from a prime retail and commercial position in the Barcelona city centre. Arranged over basement, ground floor and six upper levels, Fontanella 6-8 was fully let to the Government of Catalunya and occupied by the Tax Administration of Catalunya upon acquisition in Q1 2013, according to Property Magazine.
Avignon Capital's asset management initiative to let the upgraded ground and first floor to Media Markt for a 10 year-lease (2015) with annual CPI Indexation increased the passing rent and value of the building.
This is Avignon Capital's third significant property disposal of the year, all of which have resulted in strong returns on equity for investors, between 87% and 154%, according to the same source.