IREIT Global has partnered with Tikehau Capital and City Developments Ltd. to purchase a portfolio of four freehold office buildings in Spain for €133.8 million.

IREIT and Tikehau Capital will enter into a joint venture, holding stakes of 40% and 60%, respectively, to acquire the portfolio, according to a Dec. 7 filing.

Under the terms of the joint venture, Tikehau Capital will grant IREIT a call option to acquire its 60% stake, while City Developments has shown its commitment and support by extending a bridging loan to finance IREIT’s investment.

The agreed property value represents a discount of 3.3% to the aggregate valuation of €138.3 million by independent valuer Cushman & Wakefield Spain Ltd

Tenants leased to the buildings in Barcelona and Madrid include Clece, Digitex, Gesif, Catalan Media Corp., Coca-Cola European Partners, DXC Technology and Roche.