Iroko Atlas, an SCPI-type investment vehicle managed by Iroko and represented in Spain by Iroko Iberia, has acquired the Vallsolana Garden Business Park office complex in Sant Cugat del Vallès, Barcelona, from BentallGreenOak (BGO). The asset comprises two buildings with a total floor area of around 20,000 sqm over four floors, with 403 parking spaces.
The property also features a comprehensive range of amenities, including a gym, paddle tennis courts, an auditorium, a shuttle service and a restaurant. The complex holds LEED Gold and WELL Gold certifications and is situated 800 metres from the FGC Sant Joan station, while offering direct access to the AP-7 and C-16 motorways.
The buildings have a total of 18 active tenants and an occupancy rate of over 80%. The transaction was closed at an immediate yield of over 10%.
“With this acquisition, we are adding an office property in Sant Cugat to our portfolio, one of the most established locations on the outskirts of Barcelona”, said Oscar Duclert, CEO of Iroko Iberia. The office market is regaining momentum, and in this context, “existing quality assets are becoming increasingly important: current high construction costs make it practically unfeasible to replicate this type of product at competitive prices”, he added.
Iroko’s previous known transaction at the end of last year was the purchase of a four-star hotel in Granada for €30 million. The Hotel Nevada Palace, built in 2007, offers 258 rooms and a wide range of facilities, including event and conference spaces, training rooms, a spa, gym, swimming pool and restaurant.
