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Hispania acquires 213 apartments in Isla del Cielo, Barcelona

Hispania Activos Inmobiliarios, through its subsidiary Hispania Real Socimi, has acquired 213 apartments located in the residential complex Isla del Cielo, in Parque Diagonal Mar in Barcelona.

The EUR63.8 million off-market deal with Santander Banif Inmobiliario also includes 237 underground parking slots within the same residential complex.
Isla del Cielo residential complex comprises two apartment towers – Tower A with 17 floors and 104 flats and Tower B with 21 floors and 150 flats – as well as an underground car park. The complex also has communal garden areas and outdoor swimming pool. The built surface of the complex amounts to approximately 38,000 square metres, including the underground floors. The acquisition includes all 150 apartments located in Tower B, 63 apartments emplaced in Tower A and 237 underground parking slots.
The acquired apartments currently enjoy an occupation rate of 90 per cent by means of rental contracts. 
Diagonal Mar is located in Barcelona’s seafront, at the beginning of the Avenida Diagonal. The area includes a commercial area of more than 88,000 sqm, one of the biggest shopping malls in Catalonia, 68,000 sqm of office surface, a number hotels and the second biggest park in Barcelona, with a 14 hectares surface, designed by Enric Miralles, where Isla del Cielo is located.
Hispania’s main focus is to invest in the asset and to increase benefits and services in order to transform it into an emblematic complex of apartments for rent in Barcelona, intended for professional and international customers.
“With this second acquisition in Hispania, we remain loyal to our strategy of investing in quality assets with a clear potential for value creation by means of and investment and management plan. Isla del Cielo, as a flat for rent complex, stands as one of the main competence and focus areas of Hispania. We are very excited with the opportunity of creating value with these assets, which are located in an area of great projection in Barcelona,” says Concha Osácar, board member of Hispania and co-founder of Azora, Hispania’s investment manager.
On 1 April Hispania established the subsidiary Hispania Real, which has agreed to fall under the special tax regime envisaged for real estate investment listed companies (SOCIMIs). 

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