Belgian real estate promoter Codic has closed the sale of its second office project in Barcelona to insurance company BanSabadell Vida for €31 mln.
The Binar building, designed by the BCA Architects, has a surface area of 4,495 m2 over six floors, with indoor parking for 27 cars.
The building is clad with a curtain wall in the style of Mies Van der Rohe that allows for daylight with all the thermal qualities protecting against the heat of the sun.
The LEED Platinum and Wiredsored certified property will feature touchless access, thermal cameras, opening windows and advanced air filtration
Located in the prime area of the 22@ office district, at 101 Pamplona Street, the asset is scheduled for delivery in October 2023.
It was pre-let last year to gaming company Socialpoint, which will move its offices to the new building when it is completed.
Alex Bujanda, investment director for Spain and Portugal at BanSabadell Vida, commented: ‘With this purchase, we reinforce our exposure to assets in the district that has experienced the greatest transformation of Barcelona in recent decades, becoming the epicentre of innovation in the city and attracting a multitude of companies that are committed to innovation and knowledge. The purchase of this building is another example of the strategy of investing in Grade A assets, with top-level ESG ratings and social spaces. The contract with SocialPoint is evidence that this building is in line with the new trend of demand from large corporations that require such attributes for their headquarters.’
Carlos Bajo, director of capital markets Barcelona offices at Savills, added: ‘The market's interest in core product, well located and with long-term contracts remains strong. In this macroeconomic context, it is an optimal time for this type of investor profile that seeks security with a medium-term vision.’
Savills advised on the transaction under the forward funding structure together with BNP Paribas Real Estate.
Codic closed the sale of its first office building in 22@ in April 2022 to Italian insurance company Generali for €35 mln.
The real estate company is getting ready to start construction of its third office building, Standout, also in 22@.
