A Spanish investment fund has signed a preliminary agreement to acquire a major office building located between Paseo de Gracia and Avenida Diagonal in Barcelona.
A Spanish investment fund has signed a preliminary agreement to acquire a major office building located between Paseo de Gracia and Avenida Diagonal in Barcelona.
Spain's Emin Capital is acquiring the asset from landlord Global Inversions Patrimonials for €90 mln, with financing being provided by banks BBVA and Santander. The property is majority let to law firm Cuatrecasas as well as German lender Deutsche Bank.
Emin Capital, led by Jordi Badia Llorens, plans to invest €60 mln to transform the asset into a luxury hotel operated by the Four Seasons hotel chain. According to Spanish news reports, the company emerged ahead of Deka Immobilien and Hilton and private equity group Apollo/Marriott Hotels in the bid to take control of the 18,000 m2 asset.
Cuatrecases plans to relocate to a new office in the 22@district in 2016.
The acquisition is Emin's second in Barcellona following the purchase in November last year of the iconic Agbar tower in Barcelona's 22@ district for €150 mln. Emin plans to convert the Jean Nouvel-designed skyscraper into a luxury hotel which will be operated by Hyatt group.
Banks La Caixa and Banc Sabadell reportedly funded the purchase of the 31-storey tower.
