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