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Cushman & Wakefield adviseds to Swiss Life Asset Managers in the transaction of an office building in Barcelona's 22@ business district

Jenny Pizarro • 01/10/2020
Swiss Life Asset Managers buys a building in the 22 @ district of Barcelona. The building, located at number 177-189 Calle Almogàvers , has more than 8,500 square meters.

 
Swiss Life Asset Managers - on behalf of the investment fund OPCI Swiss Life Dynapierre - invests in 22 @ with the purchase of a recently renovated office building . The company has acquired the property located at number 177-189 Almogàvers street in Barcelona, in the middle of a mile from the city's new business district and owned by the German asset manager Freo.

The 8,524-square-meter building has recently undergone a complete renovation to transform the space into a modern office building. After the remodeling, the property has obtained the Leed Platinium certification, one of the highest sustainability standards in the sector. It currently has three floors and a ground floor, a spectacular roof terrace of 600 square meters , as well as the best value-added services such as 3,000 m² floors , a cafeteria for employees and a changing room and shower area among other benefits.

In 2018, the building was leased in its entirety under a long-term lease with a major technology company that has consolidated all of its employees in the new building.

Cushman & Wakefield has advised the seller of the building . Jason Clark , Capital Markets partner at Cushman & Wakefield in Spain comments that “ we are proud to have been involved in the complete real estate cycle with Freo, having advised on the acquisition, structured the pre-lease and mediated the sale. I congratulate them for delivering a first- rate asset in the 22 @ area ,which is increasingly consolidated, and Swiss Life for acquiring an excellent investment opportunity”.

Daniel Mayans , CEO of FREO in Spain has also commented that “the Almogàvers building is a clear example of the great added value that the FREO team brings to the assets it acquires. We bought the property completely empty and with an industrial use, but through a laborious urban process (among other fronts we had to negotiate a segregation with another co-owner) we changed its use to offices and then reformed it in its entirety creating a technological and sustainable environment according to with District 22 @ standards. During the reform we pre-rented it to a leading firm that knew how to value the new position of the asset and then sell it to a Swiss insurer Swiss Life ”.

 

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