Patrizia to buy €72m office development in Spain from Cain and Freo

Patrizia is investing €72m to buy 15,000sqm office development in Spain from Cain International and FREO Group.

Cain said in an announcement that the sale of the Diagrame office development in Barcelona’s District 22@ has been agreed using an earnout structure.

Construction of Diagrame, which started in July this year, is due to reach practical completion in late 2021.

Daniel Harris, head of European investment at Cain International, said: “We acquired this project in 2018 having recognised its strong fundamentals driven by the supply-and-demand imbalance in Barcelona’s office market. Since then 22@ has evolved from an industrial area to the largest scientific, technological and cultural hub in Barcelona, with Facebook, Microsoft and Amazon now amongst its tenants.

”Despite the current uncertainty and change as a result of the COVID-19 pandemic, we anticipate that demand for this type of well-located and high-quality space in gateway cities will remain strong as occupiers look to prioritise the health and wellbeing of their staff.”

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