22 May 2018 – Eje Prime
Conren Tramway is on a spending spree in Barcelona. The real estate company has invested €150 million in the purchase of three office buildings in the Catalan capital, two of which are located in the sought-after 22@ district and the third is in the Paral·lel area. The three properties have a combined surface area of around 60,000 m2, according to a statement from the company.
The asset manager, which is headquartered in Barcelona, is controlled (50%) by the brothers Jaime Enrique and Paco Hugas, through Tramway, and by the German company Conren Land, formed by large business families from the Bavarian country.
The company is creating a different vehicle for each project, although it explained that investors tend to be recurrent. In the latest operation, the assets acquired are located in two sought-after enclaves for offices. Two of the properties are located in the 22@ district, the technological hub of Barcelona, and an area where the neighbours of Conren Land’s future tenants will include Amazon, WeWork and King, amongst others, all of which have recently moved into the district.
At number 97 Calle Badajoz, the company has acquired an asset with a surface area of 14,000 m2. Meanwhile, the second property to enter Conren Tramway’s portfolio in the 22@ district measures 8,300 m2 and is located at number 65 Calle Sancho de Ávila, which was previously a plot owned by Sareb.
The third asset is the former headquarters of Endesa in Paral·lel. The company paid €20 million last year for that property, which has a surface area of 33,800 m2 and has already started renovating it to turn it into a corporate office building.
Created in 2014, Tramway Capital joined forces with Conren Land two years ago to specialise in the office market, primarily in Madrid and Barcelona. “Between 2013 and 2016, the market offered lots of opportunities and we had to take advantage of them, but now, in a much more mature phase of the cycle, the capital requires a greater degree of specialisation because more added value needs to be contributed to the operations”, according to Jaime Enrique Hugas.
Original story: Eje Prime
Translation: Carmel Drake