French asset manager Perial Asset Management has acquired a prime office development in Barcelona, pre-let to the Toulouse Business School, in a €30.65 mln forward-funding agreement with developer Hines and its partner, Henderson Park.
The Carrer Veneçuela 108 project in Barcelona’s 22@ innovation district was acquired in 2018 by Hines and Henderson as part of their purchase of a larger land plot on which they are also constructing a 750-bed purpose-built student accommodation.
The sale follows the signing in September 2019 of a 15-year prelease agreement with the Toulouse Business School comprising the delivery of its new Spanish headquarters.
Construction of the over 8,700 m2 building commenced in July this year and should be completed by mid-2022. The 10-story building, which will have capacity for around 1,000 students, is targeting a LEED Gold or Platinum and WELL certification.
Hines will remain as the delegated developer until completion of the building.
Vanessa Gelado, director of Hines in Spain, said: 'This operation demonstrates the appetite for investment in the Spanish real estate market despite the impact of Covid-19.
'With this agreement, we are consolidating the development and construction of the future TBS headquarters in 22@, a project that will contribute to the positioning of the district as one of the largest innovation hubs in Europe and where we are a leading developer with over 75,000 m2 of projects underway.'
Nick Weber, founding partner of Henderson Park, said: 'Having reached an agreement to bring the Toulouse Business School to a new purpose-built facility on this site, and with construction of the project underway, this sale allows us to recycle capital for our clients and exit this portion of our investment to a long-term investor.
'This prestigious new educational facility further contributes to the regeneration of the area into one of Europe’s leading innovation centers is also the perfect complement to our aparto del Mar student housing project on the same site. We will now focus our attention on delivering these residences in time for the 2022/23 academic year together with Hines.'
The international real estate consultant JLL and legal firm Garrigues have advised Henderson Park and Hines on the sale and marketing of the property. Perial Asset Management was advised by Savills IM and Ashurst.
