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

Deloitte: Spain’s Office Sector Gets A Makeover

3 March 2017 – Expansión

The office markets in Madrid and Barcelona are getting ready to unveil their new image. They are preparing themselves to attract tenants that want not only good locations, but also new, high-quality products that meet the demands of today’s professionals.

At the end of 2016, the stock of offices in Madrid had a combined surface area of 12.9 million m2, whilst in Barcelona, the stock amounted to 5.9 million m2. Although still below the peaks seen before the crisis, the volume of new supply registered in Madrid and Barcelona grew by 56% during 2016 and the market is expected to recover over the next few years.

In this way, the office market will see more than 420,000 m2 of new office space opening up in these two cities between now and 2018, in addition to the 155,000 m2 of space that was added in 2016, thanks to new builds and renovations, according to a report compiled by Deloitte.

Projects underway

Specifically, this year, 180,000 m2 of new office space is expected to become available in Madrid, almost twice as much as last year. For example, Infinorsa, the main owner of Torre Europa, launched a complete overhaul of the building last year, following KPMG’s departure, which, until it moved to Torre de Cristal in March 2016, was the property’s main tenant.

The building – constructed in 1985 – is joining the league of smart skyscrapers, which are tailored to suit the needs of clients in the 21st century.

And just few metres away, on Paseo de la Castellana 77, the real estate group GMP is working on the complete renovation of Torre Ederra, with the renewal of its facilities and the transformation of all 18 of its floors.

What’s more, Madrid is not only renewing its existing supply, it is also welcoming new developments. One of the projects under construction is the property located on c/Estébanez Calderon, which is owned by Colonial. The building, which will have a surface area of just over 10,000 m2, is due be completed in the second half of 2017.

Colonial has also launched another construction project in the business district of Madrid, Specifically, the property located on Príncipe de Vergara will have a surface area of 11,300 m2 and 109 parking spaces.

Also in the capital, the family office Mazabi is restoring a building. The property located on Calle Velázquez 123 has a surface area of 2,346 m2 and benefits from a prime location in the heart of the Salamanca neighbourhood. Meanwhile, Mapfre is renovating a property on Plaza de la Independencia. The building, acquired in July 2015 from the Mutualidad Notarial for €82 million, has a total surface area of 12,000 m2, of which 4,000 m2 corresponds to three underground parking floors with more than 100 parking spaces.

In the same way, Barcelona is also reactivating its new office supply in response to the lack of available space.

According to Deloitte’s report, in addition to the six construction and renovation projects that were launched in 2016, the Catalan Capital expects to see two new projects in 2017, covering a surface area of 37,000 m2 and eight new projects in 2018, covering a surface area of 93,000 m2.

Amongst the new developments underway, the Castellví Group has initiated the construction of a new business complex on the corner of Calles Tánger and Badajoz in the 22@ district. (…).

Also in Barcelona, Colonial has launched a project next to Plaza de las Glòries and adjacent to Avenida Diagonal. (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Amazon Negotiates Rental Of 13,000 m2 Office Space In Barcelona

27 February 2017 – Expansión

The distribution giant Amazon is preparing to make its debut in the 22@ technological district of Barcelona. The company is negotiating the rental of 13,000 m2 of office space in the future Luxa building, which is being promoted by the Castellví group. If the agreement is signed, it will represent the latest chapter in the company’s recent offensive to expand its presence in Cataluña.

Sources close to the negotiations indicate that the agreement between the two parties may be signed within the next three weeks. Meanwhile, spokespeople for Amazon and Castellví have declined to comment on the information.

The Luxa building is going to be split into two units: the main section will have a surface area of 9,920 m2, whilst the second building will add another 6,494 m2 of space. Between the two, there will be almost 17,000 m2 of office space, which means that Amazon will occupy 75% of the total.

The likely arrival of Amazon in 22@, which was revealed by the website Ejeprime, confirms the boom times that the area is enjoying. Another recent high-profile operation involved the technology company Schibsted, which last week announced its plans to move into an office building promoted by the real estate firm Colonial.

In recent months, Amazon has made a strong commitment to Cataluña. The company led by Jeff Bezos will open a 60,000 m2 logistics centre in El Prat de Llobregat (Barcelona) in the autumn, following a €200 million investment. And a few months ago, the giant inaugurated another logistics centre, measuring 28,000 m2, in Castellbisbal (Barcelona). Meanwhile, at the beginning of last year, the firm opened a collection point in el Eixample.

Original story: Expansión

Translation: Carmel Drake