French Iroko buys Vallsolana office park

French investment firm Iroko has bought Vallsolana Garden Business Park in Sant Cugat del Vallès, outside Barcelona, in a deal reported on June 3 by Spanish property and local media. The seller was BentallGreenOak, now known as BGO, which had controlled the asset since buying it from UBS in 2017. The office complex comprises about 20,000 square meters in two buildings in the Can Sant Joan business area of Sant Cugat. Iroko made the acquisition through Iroko Atlas, its international real estate investment vehicle. The transaction adds a suburban Barcelona office asset to Iroko Atlas less than a year after Iroko launched the vehicle for investments outside France. Iroko says Atlas is designed to pursue opportunities across international commercial real estate markets, while BGO describes itself as a global real estate investment manager with operations in Europe, North America and Asia. The price of the Vallsolana transaction was not disclosed in the reports reviewed. (diariodigital.es) ### Where exactly is the asset that changed hands? Sant Cugat del Vallès is one of the main office submarkets outside Barcelona, and Vallsolana Garden Business Park sits in the Can Sant Joan area near the Sant Joan rail station. Spanish leasing and workspace listings identify the complex at Camí de Can Camps 17-19 and describe it as part of a broader business park environment with road links to Barcelona. The asset sold to Iroko is the office complex known as Vallsolana Garden Business Park, which earlier reports described as two independent office buildings totaling nearly 20,000 square meters. (iroko.com) ### How do we know BGO was the seller? BGO was identified as the owner of Vallsolana in a 2023 EjePrime report on IWG’s Regus-brand coworking opening at the park. That report said BentallGreenOak had completed a transformation of the property, including refurbishing common areas and obtaining WELL Gold and LEED Gold certifications. The same article said IWG opened a 1,354-square-meter center there in partnership with BentallGreenOak, tying BGO directly to the ownership and operation of the complex before the sale to Iroko. (google.com) A 2017 El Periódico report said UBS Real Estate sold Vallsolana Garden Business Park in Sant Cugat to an international fund, and local outlet Cugat Mèdia later identified GreenOak as the buyer at a price of 25 million euros. Those earlier reports establish the chain of ownership that ended with Iroko’s purchase from BGO in 2026. ### What has happened at Vallsolana since BGO bought it? (ejeprime.com) BentallGreenOak spent part of its holding period repositioning the property. The 2023 EjePrime report said the owner had renovated all common areas and highlighted amenities including green space, sports facilities, a gym and a hotel with a pool in the wider park setting. The same report said the Regus opening was aimed at hybrid-work demand in the Barcelona area. (elperiodico.com) Earlier tenant references show the site had attracted occupiers from several sectors. El Periódico reported in 2017 that occupancy was around 80% and named companies including Adidas, Everis and Eurofragance among tenants at the time. Those details predate the latest sale, but they show the property’s established role in the Sant Cugat office market. ### What is Iroko Atlas, the vehicle used for the purchase? (ejeprime.com) Iroko Atlas is an SCPI, a French collective real estate investment structure, that Iroko launched in September 2025. Iroko says the vehicle is intended to invest outside France and seek opportunities across Western Europe, with broader diversification into other markets. The company’s public materials say Atlas had raised more than 77 million euros by Dec. 31, 2025, after its launch. (elperiodico.com) The Vallsolana acquisition therefore gives Iroko Atlas a named office asset in Spain as the vehicle builds out its portfolio. Future detail on the property, including valuation, income contribution or occupancy, is likely to appear in Iroko Atlas investor documents and in any subsequent leasing updates tied to the Sant Cugat complex. (iroko.com) (pierrepapier.fr)