CBRE Global Investors has paid an undisclosed sum to buy a 15,439sqm office campus in Spain on behalf of one of its pan European funds.
The real assets investment management firm said it has completed the forward purchase of Z Green Oasis, the office campus in Barcelona’s 22@ district from Glenwell.
Z Green Oasis consists of three buildings alongside three converted modernist warehouses, all expected to complete by the third quarter of 2023.
Antonio Roncero, the head of transactions Iberia, CBRE Global Investors, said: “To cater for the increasing demand for best-in-class office space and de-densification, driven by discerning occupier requirements to provide flexible collaborative space, this acquisition perfectly met our investment strategy for smart, amenitised offices with strong ESG credentials.
“Barcelona is one of the most vibrant markets in Europe and 22@ one of its most attractive submarkets, and so we anticipate above-average growth and strong returns from this asset.”
David Sánchez, CEO of Glenwell Group in Spain and Portugal, said: “Z Green Oasis has been one of our reference projects. This transaction consolidates the group’s objective of maintaining the strategy of developing quality and innovative real estate projects that meet the needs of a dynamic market, which seeks urban integration and value generation in a neighbourhood in constant movement such as the 22@ district.”
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