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MADRID-Landscape Inmobiliaria has agreed to sell GE Real Estate Iberia. a 3.23-million-sf mixed-use portfolio in Spain for $792 million (euro 600 million). The portfolio is comprised primarily of office and industrial properties in Barcelona and Madrid.

The portfolio is 85% leased. Significant tenants include Henkel Ibérica, Generalitat (regional government) of Catalonia, Vallehermoso, Banco de Sabadell, El Corte Inglés and Volkswagen-Audi España.

The acquisition takes GE Real Estate’s investment total in Iberia–Portugal, Spain, Andorra and Gibraltar–past euro 500 million. GE Real Estate Iberia managing director Marcelo Horcel says the firm expects to pass the euro 1-billion mark in 2007.

“We now have a significant foothold in the Barcelona office and logistics markets, an attractive market expected to show strong rental growth and healthy economic fundamentals underpinning this investment,” says Horcel in a prepared statement.

Landscape Inmobiliaria was sold by Banco Sabadell SA in October for $1.18 billion (euro 900 million). The new owner is Astroc. The portfolio Astroc is selling to GE Real Estate represents between 30% and 40% of the company’s assets.

Astroc also has reached a preliminary agreement to sell two Landscape hotels assets to Spain’s Rayet industrial group for $127.9 million (euro 97 million), according to published reports.

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