Cain International and Freo Group have secured a €23 mln credit line to develop a new office building in the @22 district of Barcelona.
Spanish finance group CaixaBank is providing the facility for the 15,000 m2 asset, which is due for completion in late 2021.
German fund manager Freo is targeting a €200 mln sale price for the office, which is called Diagrame, according to reports.
Plans for the development include five floors of open-plan office accommodation with natural light and smart sensors, two terrace gardens, and parking spaces for both electric and regular vehicles. The developers are aiming for LEED Platinum certification.
Liam Le Roux, head of European asset management at Cain International, said: 'The increasing popularity of Barcelona as a city to live, work and play has created a supply and demand imbalance that has seen highly attractive yields and rents being achieved in the office market.
'Located in the heart of the 22@ District where tenants include in Facebook, Microsoft and Amazon, Diagrame will provide 15,000 m2 of best-in-class open and sustainable office space and amenities.
'Looking ahead, we anticipate significant demand for this type of well-located and high-quality space in gateway cities from occupiers who are looking to prioritise the health and wellbeing of their staff in light of the recent pandemic.'
Daniel Mayans, Freo Group Spain CEO, added: 'Freo continues to be the partner and asset manager of choice in many key projects such as Diagrame. Our main objective is to provide a quality service in accordance with the expectations of our partners in Spain and we look forward to the realisation of this exciting office development.'
