CBRE Global Investors has agreed to forward fund an office development in Spain’s Barcelona.
CBRE Global Investors, on behalf of one of its Pan European funds, has acquired Z Green Oasis, a new office campus in Barcelona’s 22@ district from Glenwell in an off-market deal.
The asset totals 15,439 m2 of office space over three new buildings alongside three converted modernist warehouses, all expected to complete by Q3 2023.
Antonio Roncero, head of transactions Iberia, said Barcelona was one of the most ‘vibrant markets’ in Europe and 22@ one of its most attractive submarkets. The firm expects 'above-average' growth and strong returns.
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.'
CBRE GI was advised by Pérez Llorca and Ernst & Young. Glenwell Group was advised by Savills AN and Garrigues.
