Shaftesbury Asset Management completes acquisitions in Spain and Germany

The Shaftesbury Asset Management Group (SAM), on behalf of its discretionary fund Shaftesbury Real Estate Partners 1, has completed two property acquisitions in Europe.

The first transaction is the purchase of a mixed-use building located at Plaza Nueva 13 in the centre of Seville. The building is situated in a prestige location in the retail and tourist centre of the city. The footfall in front of the property is up to 4,000 persons per hour. The building comprises 6,438 sq m, 72 per cent of which are currently used as offices and 27 per cent as retail, whilst the balance is storage.
 
This acquisition represents an opportunity to add value in the medium to long term. The property benefits directly from the dynamic economy of the city, which is growing at one of the fastest rates in Spain (4.2 per cent in 2015). Seville is the most visited city in Spain, after Madrid and Barcelona, with 2.5 million visitors in 2016. The city's tourist industry is expanding rapidly and is the driver of the growing local economy. 
 
The second transaction is the purchase of a prime office building located at Junghofstrasse 13-15 in the centre of Frankfurt's financial district. The property comprises 5,150 sq m of offices, 904 sq m of storage and 18 car parking spaces. Morgan Stanley is the sole tenant of the building, providing secure income.
 
The property represents a value add opportunity in the short to medium term, as the building is strategically located in an area where development is creating the possibility for high end retail, which will enhance the rental and capital values of the property. In addition the property is well positioned to exploit the shortage of prime office accommodation in this part of the city, at a time when rental demand for this quality of asset is growing, in part as a result of Brexit. 

 

Source: PropertyFundsWorld