King Street Capital Management, the US alternatives firm, says it is has forward sold a business campus development that has been worked on for four years by European asset management, Freo Group.
Paul Brennan, MD and head of European Real Estate, said: ‘The sale of this asset underscores King Street's ability to successfully execute on our build-to-core strategy of developing and leasing sustainable, next-generation workplaces in major European cities.’
The buyer and price was not disclosed.
Mile22@ is a 38,000 m2 project composed of three buildings in the heart of Barcelona’s 22@ business district, an established sub-market attracting prime tenants looking for modern grade A offices.
Large international technology firms have a presence in the area contributing to the appeal for the younger, affluent talent pool, explained King Street.
The buildings should be ready for completion between Q4 2022 and Q1 2023.
The design has achieved a LEED Platinum certified status given 57% of water consumption savings and 36% of energy savings and rooftop solar panels along with sustainable construction materials that are 23% recycled.
Oscar de Navas, MD at Freo Group, said: 'After four years of active asset management, going through permitting, construction and leasing, we're really proud to close this successful transaction. 22@ District has been a key submarket for Freo and will continue to be in the future.'
