Hines has bought an office and television production complex in Barcelona for its European value-add strategy.
The real estate manager said Hines European Value Fund (HEVF) acquired Avenida Diagonal 177-183 (Mediacomplex) from a partnership between Rilson Inmuebles and Barcelona de Infraestructures Municipals.
No financial details were disclosed.
The fully leased Mediacomplex comprises around 32,000sqm of office and television production space.
The latest deal is the third acquisition for Hines’ flagship European value-add fund. Launched in 2017, HEVF plans to buy a portfolio of core-plus and value-add commercial real estate throughout Europe on behalf of an institutional investor group.
Sebastian Huergo, managing director of Hines Spain, said: “We are confident in the long-term attraction, resilience and diversity of the Barcelona office market despite recent political stress.
”Mediacomplex will benefit from the strong fundamental dynamics of the 22@ district and the emergence of the micro-location as a leading office submarket for technology and media tenants.”
Paul White, HEVF fund manager, said: “This core-plus profile acquisition for HEVF demonstrates the fund’s commitment to diversification and blending the different components of total return, as well as investing on our own contrarian convictions.
”Mediacomplex is a strongly leased and superbly located, high-quality office building which will contribute to the bedrock of income supporting our value-add portfolio. We are delighted HEVF could secure such a transaction in Barcelona today.”
Lars Huber, the CEO of Hines Europe, said: “We are excited about having been able to secure this deal in Barcelona for our new European flagship value fund.
“The addition of Mediacomplex to our expanding Spanish portfolio emphasizes Hines’ commitment to acquiring and developing the highest quality buildings in the most dynamic submarkets within Spain’s dominant cities of Madrid and Barcelona.”