US privately held developer and investor Hines has sold a landmark office building at Barcelona's central Avenida Diagonal for an undisclosed amount to BFO, the investment holding of the Bernat family.
US privately held developer and investor Hines has sold a landmark office building at Barcelona's central Avenida Diagonal for an undisclosed amount to BFO, the investment holding of the Bernat family.
Located in the new 22@ district of Barcelona, the Diagonal 123 property is a newly developed building which was designed by star architect Dominique Perrault and is currently vacant. It provides around 10,000 m2 of space across 12 storeys and 240 parking spaces. Hines bought the property under development in February 2008 from Spanish developer Habitat for around EUR 50 mln.
Cushman & Wakefield (C&W) and law firm Ashurst advised the seller, while Deloitte acted for the buyer.
Hines entered the Spanish market in 1996 with the development of the Diagonal Mar mixed-use regeneration project in Barcelona . In 2000, the company opened an office in Madrid, and five years later expanded its activities in the country with an office in Marbella. In November last year, the company's Zielo shopping centre opened its doors in Pozuelo de Alarcon, near Madrid. The company has invested around EUR 100 mln in the development of the mall, which includes 42 shops.
