Commerz Real has acquired two office property developments in Barcelona for its hausInvest open-ended real estate fund from Conren Tramway for €130 million.
The Spanish subsidiary of the international office real estate investor Conren Land will develop the projects which will comprise 13,900 square metres and 9,300 square metres leasable space.
The transaction was structured as an asset deal in the form of a forward purchase. ”This means that Conren Tramway is initially building the property as a turnkey development for its own account and that Commerz Real will pay for it following completion and acceptance. So as to ensure a more attractive purchase price, Commerz Real will be responsible for the leasing, with Conren Tramway providing support in this area,” said in a statement.
“The positive development of the Spanish economy and the very good future outlook mean that investments are once again of interest for us,”
“The positive development of the Spanish economy and the very good future outlook mean that investments are once again of interest for us,” says Henning Koch, Global Head of Transactions at Commerz Real.
“Regardless of the discussion about the political future of Catalonia we are convinced that Barcelona is an extremely attractive and dynamic office market,” explains Koch.
The ensemble of office buildings is being developed on the Carrer de Badajoz thoroughfare, the most important transport axis for the sub-market “22@ District”; this quarter has established itself as Barcelona’s technology centre in recent years, with not only a large number of start-ups locating here, but also global companies such as Amazon, Facebook and Oracle.
Completion of the building, which was designed by the Spanish architect Enric Batlle, is scheduled for the beginning of 2022.