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Acquisition of Diagonal 123 building, Barcelona

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The Challenge

HINES had completed the construction of Diagonal, 123, a 10,000 sq m class A office building situated in the 22@ area of Barcelona. Due to failed sale negotiations with an owner occupier, the property had returned to the market and Hines were seeking to dispose of the property on a vacant basis.

The Solution

C&W identified a private family office purchaser who was seeking to diversify into the property sector with the purchase of Prime office investments. C&W also identified a fiscal benefit which could be used by the purchaser to make the purchase more attractive to them.

The Results

Following an exhaustive analysis of the area and the property itself, exclusive negotiations were entered into with the private investor to close the purchase of the asset. The key of our success was our comprehensive research and knowledge on the 22@ area together with excellent relationships with the vendor assisted with the identification of the sale opportunity and the ability to convince the investor that the property represented an good investment for the group.