• Transaction / Assets
    Can Jaumandreu office complex
  • Seller
    Invesco Real Estate
  • Buyer
    Universidad Oberta de Catalunya
  • € MM
    30.6

UOC Buys its Home in 22@ from Invesco for €30.6M

7 November 2018 – Eje Prime

The Universidad Oberta de Catalunya (UOC) has acquired Can Jaumandreu. The entity has purchased the iconic office complex, located in the 22@ district of Barcelona from Invesco Real Estate for €30.6 million.

The university institution, which has occupied the property on a rental basis since 2005, together with the public institution of the Town Hall of Barcelona Bagursa, has obtained ownership of the property on a concession basis until 2078. The purchase has been made as a result of the growth of the entity, the consolidation of the district and, above all, the rationalisation of the spaces that it has in Barcelona into a single complex, reported the UOC in a statement.

Can Jaumandreu is one of the most iconic office complexes in the 22@ district. With a surface area measuring 12,284 m2, the property comprises two buildings and has a 7@ certification, which means that only public companies or outreach or training firms may occupy the space.

Alejandro Monge, Director of Invesco Real Estate in Spain, highlighted that “the divestment forms part of the fund’s usual asset rotation policy, given that the complex has been in the portfolio for more than ten years”. Nevertheless, for the company, which has recently acquired three logistics assets in Madrid and Barcelona, Spain is still a priority investment area”, said the executive. “We are still looking for opportunities to invest in high-quality assets and increase our presence in this market”, said the Director.

The 22@ district – all the rage in Barcelona 

The office district of the moment in Barcelona is registering record figures for another year. According to the Marketshot report compiled by Cushman&Wakefield, the consultancy firm that has advised the operation, 86 rental operations were closed in the 22@ district in 2017spanning 101,000 m2, which represents the highest figure in the last ten years and 34% more than in the previous two years (…).

The investment volume, which amounted to €161 million in the 22@ district in 2017, more than tripled the €51 million figure recorded in 2016. In metres squared, the investment volume corresponded to a surface area of 173,000 m2, well above the figure recorded in 2016, of 33,000 m2.

Original story: Eje Prime 

Translation: Carmel Drake

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