246
246

La Caixa’s Subsidiary Inmo Criteria Negotiates Purchase of Tertiary Plot in 22@

6 June 2018 – Eje Prime

More and more operations are being negotiated in the 22@ district of Barcelona. The latest to join the party is La Caixa, which, through its real estate subsidiary Inmo Criteria, is negotiating the purchase of a plot in 22@ on which it plans to build two office buildings with an above ground surface area of 27,000 m2, according to sources close to the operation speaking to Eje Prime. Although no more details have been disclosed at this stage, the price of the operation could amount to €34 million and will have also caught the attention of another group, namely Glenwell Group, which specialises in opportunities in the Spanish real estate sector, according to the same sources.

Nevertheless, Inmo Criteria is the best-positioned player to acquire this plot. If the operation goes ahead, then the real estate arm of La Caixa will acquire a plot of land located on the block of Calle Ávila y Badajoz, where two buildings are planned, spanning 14,500 m2 and 12,500 m2, respectively. The plots are owned by several owners, including the Miette Group, which declined to comment on the negotiation process.

According to sources close to the operation, the price being considered for the purchase of this land is, approximately, €1,250/m2, which would mean that for 27,000 m2, the buyer could end up spending between €33 million and €34 million. If Inmo Criteria does acquire the plot, it will carry out the promotion and marketing of the offices and will entrust the construction work to a third party, like a large number of groups in the sector do, such as Colonial for example.

Inmo Criteria is the owner of a portfolio of properties with a net value of €2.8 billion, of which €505 million are classified as available-for-sale, €605 million as rental properties, €1,146 million as land and €557 million dedicated to affordable housing programs. The portfolio of properties is managed by InmoCaixa, a company that belongs 100% to CriteriaCaixa (…).

Land in 22@ is highly sought-after

Land in 22@ has attracted attention from a large number of operators, who have invested in the district to promote new residential and office buildings. One example is La Llave de Oro, which signed the purchase of a plot measuring 3,330 m2 in the 22@ district of Barcelona in April for €22 million. On that plot, which had been owned by Metrovacesa, the group plans to build 17,400 m2 of offices (…).

Original story: Eje Prime (by Custodio Pareja)

Translation: Carmel Drake