Asset manager Patrizia has made a €72 million office investment in Barcelona’s 22@ district with the forward purchase of a 15,000 sqm building.
Construction for the Diagrame office building is underway and is expected to be completed in 2021 at the intersection of Pere IV and Badajoz streets. Attractions for future tenants include a wide selection of services, public transport, restaurants and shops, as well as easy access to residential areas and the city’s attractions such as the Mar Bella beach, said Patrizia.
The seller was Cain International and FREO Group.
Eduardo de Roda, Patrizia country manager for Iberia, said: “The 22@ district of Barcelona is one of the largest urban regeneration areas in Europe. There is however still a major shortage of Grade A office stock in that area and the Diagrame building addresses that demand.”
Patrizia already has five assets in 22@ spanning more than 43,000 sqm and it total office portfolio in Spain is 85,000 sqm with a value of around €360 million in total.
The firm’s total assets under management in Spain increases to over €1.3 billion with the transaction.
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