Acquisition of Diagonal 640 building, Barcelona
DEKA IMMOBILIEN instructed C&W to advise on the acquisition of a major office building in Barcelona, Diagonal 640. The asset was owned by Spanish property company Realia and is located in prime city centre. The lettable area totals over 28,500 sqm with some 420 car parking spaces. In addition, income is also generated from retail units and signage. The main tenants are PWC, Gomez Acebo & Pombo, Caja Madrid and Regus. The asset was marketed openly to a wide range of international and national investors.
Through its excellent relationship with national property companies, and in-spite of significant competition, Cushman & Wakefield was able to secure exclusivity for Deka. We demonstrated to the vendor a detailed knowledge of the asset and the ability to close the transaction. During the negotiation process we worked closely with our client to provide creative solutions and confidence on a number of issues including planning, licences, leaseback conditions on part of the space technical points, and rental evolution. Our local investment teams in Spain were able to underwrite the attractiveness of the asset and provide confidence to Deka and its board in a difficult market.
This is Barcelona’s most prominent asset and although the deal was very complex, given the findings of the due diligence, we were able to look for mutually acceptable solutions in order to advance and close the transaction within a reasonable period of time. We assisted our client from project inception through to contract negotiations and closing.