Henderson Park, Hines secures €27.5m financing for two Barcelona projects

Henderson Park, Hines secures €27.5m financing for two projects in Barcelona

Henderson Park and Hines have secured €27.5 million of development financing from French corporate and investment bank Natixis for two projects in Barcelona.

Acquired by Henderson Park and Hines in 2019, the development comprises a purpose built student accommodation (PBSA) asset and an office, both of which are located on Cristóbal de Moura street, in the 22@ Norte district.

Work on the 350-bed student complex and the 3,610 sq m office building began in May 2021, with both scheduled for completion in the summer of 2023. Once completed, the student residence will be managed by aparto, the dedicated student accommodation brand and platform at Hines. 

The project has been designed to meet the highest standard of sustainability and technology, with both assets aiming to secure LEED Gold and WELL ratings. The Cristóbal de Moura office building is also in the process of obtaining WiredScore certification, a distinction that measures the quality and resilience of a building’s digital infrastructure.

Christophe Kuhbier, Managing Director at Henderson Park, said: “This financing package from Natixis is another positive step forward for this project, allowing us to further progress the development alongside Hines and deliver a prime new office building and a first class student residence. This latest milestone follows our recent successful realisation, through a forward funding agreement, of another PBSA asset under construction in the 22@ area. These transactions demonstrate the demand for exposure to best-in-class, ESG-certified student accommodation assets.”

Vanessa Gelado, Senior Managing Director and Country Head of Spain, at Hines, said: “We are very pleased to have secured this financing agreement with Natixis, one of the world’s leading financial institutions. This partnership is the stimulus required to promote this project, which will further bolster the position of Henderson Park and Hines as key players in the development of student accommodation and offices in Barcelona.” 

Juan Castaño, Head of Real Estate & Hospitality Iberia of Natixis Spain, said: “We are very pleased to support these key clients who have such experience in development projects in Barcelona. We look forward to continuing working with Henderson Park and Hines in Spain and beyond.”

The assets are located in the thriving 22@ district of Barcelona, which is in close proximity to the new university campuses of the Universitat Politècnica de Catalunya, and the Toulouse Business School. The latter was acquired by Henderson Park and Hines in 2018 as a separate development, and has now been forward sold. 22@ is one of the most important innovation hubs in Europe and is particularly well-known for its excellent connectivity with the rest of the city, as well as being home to a large number of successful regeneration projects that remain under development.