Benson Elliot is selling a Barcelona office scheme to Colonial.

The private equity firm said its Parc Glories development in the Diagonal-Glories district would be sold to the listed Spanish company.

Work is due to begin soon on the site, with completion scheduled for late 2018.

Trish Barrigan, senior partner at Benson Elliot, said: “We have an ongoing investment programme in Barcelona but aren’t averse to crystallising the value we’ve created when the opportunity presents itself.”

The sale of the 24,543sqm scheme follows the offloading last year of the Cornerstone development in Poblenou to UBS Asset Management’s Global Real Estate business.

The company, which said it sold €200m of assets in 12 months, recently invested in a retail property asset in central Italy, as well as a mixed-use central scheme in Berlin.