Investment giant Patrizia has acquired an office development in Barcelona's 22@ district from privately-held investment firm Cain International and its partner, Freo Group.
The forward sale of the 15,000 m2 office scheme, dubbed Diagrame, has been agreed using an earnout structure, reflecting a minimum value of €72 mln.
Due to reach practical completion in late 2021, construction of Diagrame commenced in July 2020 following the land aggregation of the two adjacent plots to enable full planning consent.
The development will be overseen by Cain International and Freo Group, who will also manage the letting and management of the scheme.
Daniel Harris, head of European investment at Cain International, said: 'We acquired this project in 2018, having recognised its strong fundamentals are driven by the supply-and-demand imbalance in Barcelona’s office market.
'Since then 22@ has evolved from an industrial area to the largest scientific, technological and cultural hub in Barcelona, with Facebook, Microsoft and Amazon now amongst its tenants.'
Located centrally at Calle Pere IV 109-113, tenants will benefit from amenities including terrace gardens, private parking spaces for both electric and regular vehicles, dedicated parking for bicycles, and a multipurpose meeting space.
Diagrame is being built to standards of sustainability which will guarantee a LEED Platinum certification, according to Cain and Freo. The open-plan office accommodation across five floors will be distinguished by natural light, thermal comfort controls and smart sensors.
'Despite the current uncertainty and change as a result of the Covid-19 pandemic, we anticipate that demand for this type of well-located and high-quality space in gateway cities will remain strong as occupiers look to prioritise the health and wellbeing of their staff,' added Harris.
CBRE and Savills Aguirre Newman are the appointed letting agents.
