Tag: King

BNP Paribas: 22@ Accounted for 36% of Office Investments in Barcelona in 2018

8 April 2019 – 20 Minutos

Investment in the office market in Barcelona amounted to €695 million in 2018, of which €253 million (36%) corresponded to the 22@ district, according to a report compiled by BNP Paribas Real Estate España.

The forecasts for 2019 reveal that almost 77,800 m2 of new office space will be handed over in the technological district alone this year, more than doubling the figure recorded in 2018.

In terms of the sizes of the offices leased last year, 40% measured between 1,000 m2 and 2,000 m2 and 30% spanned between 301 m2 and 1,000 m2. Meanwhile, just 18% exceeded 2,000 m2, whilst 13% were smaller than 300 m2.

The average purchase price rose by 20% to between €1,500/m2 and €1,600/m2 in prime locations of the 22@ district. In turn, rental prices grew by 8% last year, to an average of €16.7/m2/month.

The 22@ district is home to 42% of all of the companies in Barcelona with high-profile tenants of the calibre of Facebook, Hewlett Packard and King, as well as Glovo and Llacuna.

Original story: 20 Minutos (by Puri Caro)

Translation/Summary: Carmel Drake

Hines Acquires Mediapro’s HQ in 22@ District for €90M

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

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