Deka acquires D640 building in Barcelona for €145m in Spain’s largest single-asset deal of 2010

24 Aug, 2010, Madrid

Cushman & Wakefield has advised Deka Immobilien – a subsidiary of Germany's largest open-ended property fund DekaBank – on the acquisition of a class-A office building in Barcelona, known as D640, for €145 million . The buyer was Madrid-based Realia Group. The transaction stands as the largest single-asset deal in the Spanish market in 2010.

D640 is one of the most emblematic office buildings in Barcelona. Located in the financial centre’s heart, in Avenida Diagonal, the 28,500 sq m building is fully let to prestigious firms such as Price Watherhouse Coopers, Regus, Caja Madrid and Gomez Acebo y Pombo, among others.

Reno Cardiff, Partner, Cushman & Wakefield, said: “With the acquisition of Diagonal 640, Deka continues its policy of investing in strategic assets and excellent locations. This transaction also demonstrates Deka’s interest in Spain’s leading office markets as well as its capacity to carry out important transactions. We believe D640 offers a unique opportunity to acquire an emblematic asset with a potential to improve returns in the medium term through asset management and further investment".

Realia said: “This is the largest and most important transaction Realia has carried out this year. It’s an example of the quality and liquidity of the company’s portfolio, but also demonstrates the financing returns available for these kinds of assets. This transaction is a key part of our investment strategy and is consistent with our wider business plan.”

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