FREO, together with its partner CAIN International, has acquired the JUNO portfolio from Merlin Properties for €225 Mn, with a yield of 5.2%.
The portfolio consists of 26 office buildings located in Madrid and Barcelona and has a total SBA of 133,218 square meters, more than 200 tenants and an overall average occupancy of 73% and a gross annualized income of €11.8 Mn.
FREO and its partner will make CAPEX investments in the assets to reposition them and adapt them to the new needs of their tenants and the area, while carrying out the implementation of their commercial strategy, thus offering quality buildings to maintain existing tenants and attract future ones.
With this acquisition, which is now the third office portfolio purchase, FREO achieves an investment volume of almost €700Mn in Spain and reaffirms its strategy in buying office assets, focused on creating value through wise investment in buildings and a multidisciplinary team of professionals with the capacity to innovate, reposition assets and face any challenge in the management of real estate portfolios.
