19 July 2018 – Eje Prime
Hines has scored a goal in Barcelona’s 22@ district. The US fund has completed the purchase of the Imagina building (owner and tenant of the asset) for €90 million. The property is located at number 177 Avenida Diagonal in the Catalan capital.
The complex, which spans more than 50,000 m2 spread over two properties, is owned by the company Mediacomplex, in which Imagina, the parent company of Mediapro, holds a stake, and the Town Hall of Barcelona.
Imagina holds a 66.7% stake in this office complex, which is located very close to Torre Glòries, owned by Merlin Properties, and the two Luxa buildings, owned by Catalana Occidente and leased to Amazon and WeWork.
Hines is strengthening its presence in Barcelona with this purchase. Last year, the US fund purchased the Popular’s headquarters on Paseo de Gracia for €90 million, which it is going to convert into a mixed-use building containing 5,000 m2 of office space and 3,000 m2 of premises for commercial use.
Similarly, this operation reinforces the interest from investors in the 22@ district. In recent months, the technological district in Barcelona has welcomed the arrival of tenants of the calibre of King, the creator of Candy Crush, and Glovo, which is going to move its offices to the Catalan capital to a facility measuring 1,200 m2.
Nevertheless, the star building is Torre Glóries. The iconic building is going back on the market this year after a comprehensive renovation and has already welcomed technology giants such as Facebook and Oracle, which has confirmed its entry into the property this very week. Hines is one of the largest funds in the world with more than USD 100 billion in assets.
Original story: Eje Prime
Translation: Carmel Drake