Spanish private fund manager Meridia Capital has completed the sale of the Sea Towers complex to German fund manager Allianz Real Estate in an off-market deal worth €185 mln.
The 29,000 m2 sea-front project consists of two office buildings and is located within the 22@ district, a prime business area in Barcelona. The sale was initially agreed last summer.
Commenting on the deal, Meridia Capital chairman Javier Faus said it represents ‘an example of collaboration with local authorities to promote urban transformation, creating a prime, sustainable complex perfectly integrated within the community and with the highest ESG standards.’ He added that the transaction ‘demonstrates continued demand for well-located, quality office assets in Barcelona’.
After acquiring the land plot in 2017, Meridia undertook an extensive urban transformation project, transforming the site into an office and residential complex.
In 2018, Meridia secured a 10-year pre-let agreement for the office building, with consultancy company NTT Data as the main tenant.
Designed by GCA architects, the project boasts Leed Platinum and Well Gold certifications, in recognition of its energy efficiency, waste optimisation and user wellbeing features.
‘This complex represents the best of what Allianz is looking for in the office segment: large, class A properties in a prime location with top ESG standards which enable tenants to attract and retain talent. We are very pleased to have worked with Meridia on this transaction and look forward to future collaborations,’ commented Miguel Torres, head of Iberia, Allianz Real Estate.
Allianz Real Estate has significantly increased its allocation to Madrid and Barcelona in recent months, with two transactions that expanded the firm’s exposure to the Spanish PRS sector. In June 2021, it acquired 421 prime residential units in 21 assets located in Madrid and Barcelona through the purchase of a controlling stake in a joint venture vehicle owned by several prime investors.
Last month, it acquired nine residential buildings in Madrid in an off-market transaction for €185 mln. The asset is located next to Castellana 200, a mixed-use office and retail asset already owned by Allianz Real Estate.
