BNP Paribas REIM buys office building in Barcelona

BNP Paribas REIM buys office building in Barcelona

BNP Paribas REIM has acquired the iconic office building “Tánger 66” located on 66 Calle Tánger, in the [email protected] District in Barcelona, from Blue Coast Capital, on behalf of its OPCI BNP Paribas Diversipierre.

This asset is an emblematic building and an architectural landmark in Barcelona, with a total surface area of 7,211 sqm. It is strategically located in the [email protected] District, which is one of the most sought-after office area in Barcelona and a European hotspot.

The District [email protected] is a neighbourhood that used to house industrial sites before becoming one of the most important urban renewal projects in Europe and being rehabilitated to provide modern and elegant offices designed to meet the needs of businesses. The neighbourhood is now composed of more than 1,500 companies specialised in IT, energy, design, media or scientific research and is considered today as a space for constant innovation.

The “Tánger 66” building was re-developed from a textile factory into the first LEED Platinum office in Barcelona by Blue Coast Capital. It is composed of 4 floors and a 800 sqm terrace garden in the upper floor. It offers modern working spaces with training areas, collaborative spaces, computer laboratories, an auditorium and a cafeteria.

The building benefits from an excellent connection to public transportation with metro, tram, bus and train stations only a few minutes away. It is fully let to Hewlett Packard.

This is the first acquisition of BNP Paribas Diversipierre in Spain. The OPCI BNP Paribas Diversipierre was launched in 2014 and is structured for private investors, investing in Real Estate assets that are either “physical buildings”, shares of listed REIT’s or covered bonds. In November 2020, it was one of the first French investment funds to obtain the SRI (Socially Responsible Investment) label applied to real estate, which came into effect in July 2020.

Jean-Maxime Jouis, Global Head of Fund Management for BNP Paribas REIM commented: “This acquisition strengthens the BNP Paribas Diversipierre fund portfolio and fits perfectly with the fund’s strategy by adding a modern asset, fully let and located in a strategic location in Barcelona. In addition, the building is certified LEED Platinum, therefore it respects the funds’ commitments and more generally the environmental issues targeted by BNP Paribas REIM, whose strategy is to accelerate its funds’ goals in terms of ESG.”

Fraser Denton, Managing Director, European Real Estate for Blue Coast Capital commented: “I am delighted for BNP Paribas REIM in finalising this transaction. Our re-development of T66 is an excellent example of Blue Coast Capital’s focus on creating exceptional real estate and is a leading example of real estate repurposing whilst achieving the highest level of LEED Certification.”