Agbar Group has signed a preliminary agreement to sell the iconic Agbar tower in Barcelona's 22@ district to Emin Capital for €150 mln.
Agbar Group has signed a preliminary agreement to sell the iconic Agbar tower in Barcelona's 22@ district to Emin Capital for €150 mln.
According to Spanish press reports, the Latin American investor plans to convert the Jean Nouvel-designed skyscraper into a luxury hotel which will be operated by Hyatt group.
The US hotel chain has committed to invest €35 mln in the redevelopment of the scheme, which is centrally located between the Glòries Square and the Diagonal Avenue.
Banks La Caixa and Banc Sabadell are reportedly funding the purchase of the 31-storey tower.
Developed by construction group Layetana, the tower was completed in 2005 and provides over 50,000 m2 of accommodation. As part of the agreement, Agbar will move out of the office and relocate its 700 staff to another location within the next 12 months.
Catalan water utility company Agbar bought the scheme in March 2010 for €165 mln. The asset was previously owned by the Azurelau investment vehicle, owned by Antonio Vila and Santiago Oller.
