Last updated: 12:59 / Friday, 27 June 2014
Area of Plaza de Les Glòries

Hispania Acquires Two Office Buildings in Barcelona for €40.15 Million

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Hispania Acquires Two Office Buildings in Barcelona for €40.15 Million
  • The complex is located in an area that offers one of the highest growth prospects within the Barcelona office market
  • The total leasable area of both buildings amounts to 18,206 square metres, plus 4,700 square metres of underground space
  • Les Glòries is going through a profound transformation as a result of the new design of its central square
  • This investment is the first step towards the creation of a high quality office portfolio by Hispania

Hispania, through its subsidiary Hispania Real SOCIMI, has acquired two office buildings located in the area of Plaza de Les Glòries in Barcelona. The deal has amounted to €40.15 million, fully disbursed with Hispania’s own funds.

The total leasable area of both buildings amounts to 18,206 square metres, plus 4,700 square metres of underground space. The buildings are located in the intersection of Av. Diagonal with Gran Vía de Les Corts Catalanes and are part of the complex that includes the Shopping Centre Les Glòries, which is being fully refurbished. This upgrading will draw further value on the buildings which are part of the complex.

The complex is located in an area that offers one of the highest growth prospects within the Barcelona office market, currently absorbing a significant share of take-up in the city, along with the CBD. This area is perfectly connected to the city centre through subway, bus and tram and is 20 minutes away from the El Prat Airport.

Moreover, Les Glòries is going through a profound transformation as a result of the new design of its central square, which plans the undergrounding of the roads, which will be covered by a large park, giving continuity to the Av. Diagonal. Cushman & Wakefield acted as advisor of the selling part.

Azora and its team, manager of Hispania, have a broad experience in the investment, repositioning and active management of office assets.

This investment is the first step towards the creation of a high quality office portfolio by Hispania.

A month ago, Hispania Activos Inmobiliarios, through its subsidiary Hispania Real Socimi, acquired -in a deal out of the market- from Santander Banif Inmobiliario F.I.I., 213 apartments located in the residential complex Isla del Cielo, in Parque Diagonal Mar in Barcelona.

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