Blackstone Buys La Llave de Oro’s Project in 22@ for €100M

17 January 2020 – Idealista

Blackstone has agreed to purchase an office building that La Llave de Oro is currently constructing in Barcelona’s 22@ district, in a deal that is expected to be closed for €100 million. The property is located on Calle Sancho de Ávila and will have a gross leasable area of 17,400 m2, on a plot spanning 3,300 m2.

The purchase of office buildings off-plan is becoming a bit of a habit in the Catalan capital’s 22@ technological district after the German bank Commerzbank paid €132 million in December for two offices that Conren Tramway is constructing there.

Original story: Idealista 

Translation/Summary: Carmel Drake

HausInvest Returns to Spanish Real Estate Market

6 January 2020 – Real Assets IPE

Commerz Real’s €15.5bn HausInvest fund has returned to the Spanish real estate market after more than 14 years.

The German property fund is purchasing two office development projects in Barcelona off-plan for €130m from developer Conren Tramway.

It is the first time the fund has invested in Spain since it acquired the Espai Gironés shopping centre near Girona in 2005.

The two office buildings, which will be built on Carrer de Badajoz in Barcelona, will provide 13,900sqm and 9,300sqm of space, respectively.

Original story: Real Assets IPE

Edited by /Summary: Carmel Drake

Commerz Real Acquires Two Office Buildings in Barcelona for €132 Million

3 January 2020 Germany’s Commerz Real has acquired two properties currently under construction in Barcelona’s 22@ district from Conren Tramway for 132 million euros. The two office buildings are on the same block and have a total gross leasable area (GLA) of 23,000 square meters.

The first, building B97, is at Calle Badajoz 97 and will have a GLA of 14,000 square meters on 13 above-ground floors. The building will also have underground parking. The second asset, building A160, is at Calle Almogàvers 160. The building will have a GLA of 9,000 square meters on six above-ground floors and underground parking as well.

La firma Commerz Real adquirió dos propiedades actualmente en construcción en el distrito 22@ de Barcelona a Conren Tramway por 132 millones de euros. Los dos edificios de oficinas están en el misma manzana y tienen un área bruta locativa total (SBA) de 23,000 metros cuadrados.

El primero, el edificio B97, se encuentra en la calle Badajoz 97 y tendrá un SBA de 14,000 metros cuadrados en 13 plantas sobre rasante. El edificio también tendrá estacionamiento subterráneo. El segundo activo, el edificio A160, se encuentra en la Calle Almogàvers 160. El edificio tendrá un SBA de 9,000 metros cuadrados en seis plantas sobre rasante y también estacionamiento subterráneo.

Original Story: Eje Prime

Translation/Summary: Richard D. Turner

Conren Tramway Buys a 8,000 m2 Plot in 22@ to Build Offices

18 April 2019 – Eje Prime

Conren Tramway has purchased a plot of land at number 162 Calle Almogàvers in Barcelona’s 22@ technological district, on the same block as another project that the firm is already working on, at number 97 Calle Badajoz.

The company, owned by the Hugas brothers and the German manager Conren Land, plans to build an office building on the 8,000 m2 plot. Construction work is expected to start next year and be completed by 2021.

Original story: Eje Prime 

Translation/Summary: Carmel Drake

Conren Tramway Acquires 90,000 m2 Plot in Barcelona from Mercedes Benz

9 November 2018 – Press Release

Conren Tramway has acquired an old factory in the Sant Andreu district of Barcelona from Mercedes-Benz España S.A.U. The factory has been active for more than 100 years.

The site on which Mercedes-Benz’s manufacturing facilities were located has a surface area of 90,000 m2 in a privileged setting, between the historic centre of Sant Andreu, the La Maquinista shopping centre, the future Parc del Camí Comtal and the Bon Pastor district.

This area of Barcelona is undergoing a major transformation with the execution of the La Sagrera – Sant Andreu public investment project, which forms part of the Barcelona Metropolitan Strategic Plan to promote the sustainable urban development of 164 hectares in the city. The future real estate development of this unique site will be the subject of in-depth analysis by Conren Tramway, its architects and its urban advisors in the coming months.

Conren Tramway is a real estate investment and asset management company based in Barcelona led by the brothers Jaime-Enrique and Paco Hugas. Conren Tramway invests in real estate operations in Barcelona and Madrid, in the repositioning and development of office, residential and/or mixed-use buildings.

Original story: Press Release

Edited by: Carmel Drake

Conren Tramway Starts Work on SA65 Office Building in Barcelona

18 May 2018 – Press Release

Conren Tramway is an independent real estate investment management company jointly owned by the brothers Jaime-Enrique and Paco Hugas (Tramway Capital) and the German manager Conren Land AG. Conren Tramway invests in core plus, value-added real estate operations and developments in the office markets in Madrid and Barcelona, and occasionally in Spain’s main secondary cities. They are operations that require urban planning, renovation and commercial management to reposition the assets in order to create value (…).

SA65 is a 7-storey building with a gross leasable area of 8,300 m2. Its parking lot contains 92 spaces for cars (20% are suitable for electric vehicles), 34 for motorbikes and 100 for bicycles, as well as storerooms and a large terrace with views over the city. The property has a LEED Gold certification. The building work has been entrusted to the construction company INBISA. The details of the project, its surface area and finishes can be found on the firm’s website www.conrentramway.com.

With the start of the construction work, marketing of the building has also begun with a great reception from international companies interested in moving their headquarters to the 22@ district. SA65 fits well with the calendar for the handover of rental properties in new build offices in the 22@ district, where a large proportion of the projects are committed through pre-leases.

“SA65 is a project that reflects Conren Tramway’s capacity to fit mixed-used projects into the urban fabric, in this case, next to the new headquarters of the design school, a new build hotel, a residential façade and other office buildings”, says Paco Hugas. “It is an attractive project thanks to its size (8,300 m2), design and functional layout, which fit well with existing demand”, according to Jaime-Enrique Hugas.

Conren Tramway is also managing projects on Calle Badajoz (17,500 m2) and in the Paral.lel district (33,800 m2) and it is analysing several investment operations in Madrid, where it is now focusing its efforts.

Original story: Press Release

Translation: Carmel Drake

Conren Tramway to Invest €150M in 3 Buildings in Barcelona

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