Real estate investor AEW has backed the future of office work through the acquisition of a prime new office building in Barcelona for an undisclosed sum.
The building, designed by the Catalan capital’s GCA Architects, will comprise around 8,400 sqm. AEW’s local asset management team will oversee development alongside Barcelona-based development manager Albion Real Estate Management.
It is AEW’s third investment in the Barcelona office market.
According to the London-based real estate investor, the acquisition is underpinned by strong supply demand fundamentals and rapid transformation of the 22@ region.
Five of the ten largest Barcelona office deals recorded in the first nine months of 2019 (all greater than 6,250 sqm) took place in the up-and-coming 22@ district.
Large occupiers, notably from the tech sector, have chosen this location for their Spanish offices. They include Criteo, HP, Facebook and Amazon.
Carsten Czarnetzki, fund manager at AEW, said: “We remain firm in our conviction that regardless of the impact of Covid-19, the fundamental need to bring people together to interact and learn face-to-face remains. Ultimately this means that, while the way offices are used will change, they will remain integral to our working lives.”
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