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