FREO has made its second acquisition in Spain, this time in conjunction with a large American investment fund. Together they have purchased a value-add office portfolio comprising of 14 assets distributed between Madrid, Barcelona and Valencia. The portfolio was purchased from BBVA (one of Spain’s largest banks).
The majority of the portfolio consists of good quality office assets in the major sub-markets of Madrid and Barcelona – namely Julian Camarillo, Manoteras and Alcobendas in Madrid and 22@ in Barcelona.
FREO will be responsible for the asset management of the portfolio and will execute a variety of asset specific business plans due to the heterogeneity of the portfolio, ranging from small amounts of capex and leasing / lease renegotiation, through to total asset refurbishment and repositioning projects.