Catalana Occidente Buys its 4th Building in 22@ District for €20M

25 July 2018 – El Economista

The Catalana Occidente Group is building up its portfolio in the 22@ district, the fastest growing office area in Barcelona, where it has just acquired a property for €20 million, according to confirmation provided by various sources to this newspaper.

The building in question is a WIP project, which was owned, until now, by its developers, the Castellvi group and the funds Stoneweg and 1810 Capital Investments. This is not the first operation that the investors have closed with the Catalana Occidente Group, which in September last year also acquired the Luxa office complex, in one of the most important operations of the year in the Catalan capital’s office market.

In that case, it paid €90 million for the two independent buildings spanning 10,000 m2 (Luxa Silver) and 7,000 m2 (Luxa Gold) – plus almost 300 parking spaces – which are leased to Amazon and WeWork. The latter has also just signed a lease contract to occupy the neighbouring WIP building, which has a surface area of 4,400 m2 and which is located at number 121 Calle Ciutat de Granada.

These three newly built and avant-garde design buildings join the other properties that the group purchased at the beginning of last year, also in the 22@ technological district, when it acquired the headquarters of Atos, together with La Llave de Oro, for around €21 million.

RE assets worth €1.17 bn at end of 2017

The Catalana Occidente Group owned real estate assets worth more than €1.17 billion at the end of 2017, mainly offices, which account for 95% of its estate. In this way, in the last two years, its investment strategy in the real estate sector has focused on the purchase of corporate buildings located in prime areas of Madrid and Barcelona. In its latest purchase, the company has been advised by the real estate consultancy firm Cushman & Wakefield.

Currently, the group is not investing in the residential market or in the development of land, although it is active with projects to renovate and reposition its portfolio.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

Insur Launches Its Co-Working Business With 1,800m2 Space In Sevilla

17 October 2017 – Eje Prime

Insur is moving into the co-working sector. The Andalucían real estate company has launched an iSspsaces business centre in Sevilla. The building, which has a surface area of 1,800 m2, contains 30 offices, three meeting rooms and one training room with capacity for 80 people. With this move, the group is following in the footsteps of WeWork and Spaces, which have both opened their first centres in Spain in the last month.

This is the first space of its kind in Andalucía, “a place adapted to the new needs of companies that are looking to bring themselves in line with current models of working”, explains the Director of Insur, Alejandro Fernández.

According to Fernández, “the total saving in terms of investment in this business centre compared to a traditional office is 84.7%”. The offices measure 5nm2 each, with space for between one and ten desks.

iSspaces is located in the Edificio Insur, on Avenida de Diego Martínez Barrio 10, in Sevilla, next to some of the city’s strategic transport hubs, such as the San Bernardo metro and train station, several bus stops, the Santa Justa train station and with fast access to the motorways linking with Málaga, Cádiz and Huelva.

The co-working business is entering Spain with a vengeance in 2017, as shown by several investments undertaken in recent months in Barcelona and Madrid. In the Catalan capital in September, the North American multinational WeWork, which specialises in the management of coworking spaces, leased an office building in the 22@ district of Barcelona, thanks to an agreement signed between the real estate developer Grupo Castellví and the real estate funds Stoneweg and 1810 Capital Investments, according to Eje Prime. Moreover, during the same month, the company also signed a lease for another property in Madrid, owned by Colonial, on Paseo de la Castellana.

Similarly, another company in the sector, Spaces, has opened an office measuring 1,500 m2 in the centre of Madrid, on Calle Manzanares, whilst it awaits the opening of its first centre in Barcelona, in the 22@ district.

Original story: Eje Prime

Translation: Carmel Drake

Catalana Occidente Buys Amazon’s HQ In 22@ For €90M

21 September 2017 – Expansión

Catalana Occidente has reached an agreement to purchase the Luxa office complex, in the 22@ district of Barcelona for €90 million. The offices – owned until now by Grupo Castellví, and the funds Stoneweg and 1810 Capital Investments – will house the offices of Amazon and WeWork from 2018 onwards (once their construction has been completed).

This sale is one of the most significant real estate operations of the year in the Catalan capital. The consultancy firm CBRE has advised Grupo Castellví and the investment funds, whilst Cushman & Wakefield has advised the insurance group Catalana Occidente.

The complex, located at the intersection of Calles Tánger and Badajoz, comprises two independent buildings. The first, known as Luxa Silver because of its silver façade, has a surface area of 10,000m2. The second, known as Luxa Gold, has a surface area of 7,000m2. The complex also includes 300 parking spaces. Building work at the site is due to be completed in the first quarter of 2018.

The buildings, designed by the architecture firm Batlle I Roig, form part of Group Castellví’s 22@ Business Park space. There is a third building, in the same area, known as WIP, measuring 4,500m2, which is still up for rent and which has not been included in this transaction. Castellví and the funds have invested €60 million on the construction of the three buildings. Amazon is going to occupy the Luxa Silver building. The technology giant will locate its SME support centre for Southern Europe in the building, which will result in the generation of 500 jobs, as well as an R&D centre about automatic learning, where more than 100 engineers and scientists will work.

Meanwhile, WeWork, the US multinational coworking group, will move into the Luxa Gold building.

Second operation

This is not the first time that Catalana Occidente has purchased a building in the 22@ district. At the beginning of the year, the insurance group acquired La Llave de Oro for €21 million, a building located at number 289 Calle Pere IV. The building is leased in its entirety to the technology firm Atos Origin.

Original story: Expansión (by Marisa Anglés and Gabriel Trindade)

Translation: Carmel Drake