Hines, the international real estate firm, announces the acquisition of the office building located in Barcelona, on behalf of its Hines European Core Fund (HECF), from Banco Sabadell. With this acquisition, Hines increases its presence in the Barcelona office sector in the CBD market, a submarket with restricted supply and limited investment opportunities.
The tower, located on Avenida Diagonal, 407, at the intersection with Calle Balmes, is one of Barcelona’s most iconic office buildings. The building, measuring 11,823 square meters above ground level and with a height of 83 meters, boasts 22 office floors. Along with the sales agreement, Hines and Banco Sabadell have entered into a lease agreement that will allow the bank to remain temporarily at the property, its former main corporate office hub in Barcelona, until early 2023. From then on, Banco Sabadell will occupy four floors including its main commercial branch and private banking office in the city for the long term.
Following the agreement, Hines will carry out a comprehensive refurbishment of the building following the highest quality standards in order to maintain the unique character of the tower and transform it into a Class A asset. The building will target LEED Platinum or BREEAM Excellent certification and Class A energy efficiency to meet the new workplace demands of future tenants. Once the property is renovated, Hines plans to lease part of the office space on a multi-tenant basis.
As a result of this transaction, HECF will own four assets in Spain, in the logistics, high-street retail and office sectors and continue to analyse opportunities in the residential-for-rent sector.
Source : Hines