PATRIZIA purchases office building in Barcelona for €72m

PATRIZIA purchases office development in Barcelona

PATRIZIA AG has purchased an office building from Cain International and its partner FREO Group in the [email protected] district of Barcelona for circa EUR 72million.

Upon its expected competition in late 2021, the 15,000 sqm Diagrame office building in Barcelona will be located at the intersection of Pere IV and Badajoz streets with future tenants benefitting from a wide selection of services, public transport, restaurants and shops, as well as easy access to residential areas and the city’s attractions such as the Mar Bella beach.

“The [email protected] district of Barcelona is one of the largest urban regeneration areas in Europe. There is however still a major shortage of Grade A office stock in that area and the Diagrame building addresses that demand. With this latest transaction, we are further expanding our presence in this highly prized Barcelona business district, where we already have five assets spanning more than 43,000 sqm,” said Eduardo de Roda, PATRIZIA Country Manager for Iberia.

With this transaction, PATRIZIA’s office portfolio in Spain is being expanded to more than 85,000 sqm with a value of around EUR 360 million in total. PATRIZIA’s total AuM in Spain increases to over EUR 1.3 billion.