Hines, the international real estate firm, on behalf of the Hines European Value Fund (HEVF), has completed the acquisition of the SPV that owns Avenida Diagonal 177-183 or “Mediacomplex”-an iconic office and television production complex in Barcelona, from a partnership between Rilson Inmuebles S.L. and Barcelona de Infraestructures Municipals, S.A.
Hines’ Spanish team advised HEVF on the acquisition of Mediacomplex, which is the third acquisition for Hines’ new flagship European value add strategy fund.
Located on the Diagonal and very close to Gloriés Catalanes square, a prime location within the rapidly growing 22@ media and technology CBD submarket of Barcelona, Mediacomplex offers approximately 32,000 square meters of modern office and television production space. The asset is effectively fully leased to a strong tenant base including the Imagina Group and Universitat Pompeu Fabra on a long-term basis.
Sebastian Huergo, managing director of Hines Spain, remarked, “We are confident in the long-term attraction, resilience and diversity of the Barcelona office market despite recent political stress. Mediacomplex will benefit from the strong fundamental dynamics of the 22@ district and the emergence of the micro location as a leading office submarket for technology and media tenants.”
Paul White, HEVF fund manager, said, “This core-plus profile acquisition for HEVF demonstrates the fund’s commitment to diversification and blending the different components of total return, as well as investing on our own contrarian convictions. Mediacomplex is a strongly leased and superbly located, high-quality office building which will contribute to the bedrock of income supporting our value-add portfolio. We are delighted HEVF could secure such a transaction in Barcelona today.”
Lars Huber, CEO of Hines Europe, commented, “We are excited about having been able to secure this deal in Barcelona for our new European flagship value fund. The addition of Mediacomplex to our expanding Spanish portfolio emphasizes Hines’ commitment to acquiring and developing the highest quality buildings in the most dynamic submarkets within Spain’s dominant cities of Madrid and Barcelona.”
HEVF is a Euro-denominated, Luxembourg-based investment fund launched in 2017. Managed by Hines, its objective is to acquire a portfolio of core-plus and value add commercial real estate throughout Europe on behalf of an institutional investor group.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet. The firm’s current property and asset management portfolio includes 506 properties, representing over 210 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Source : Company