UOC acquires the leasehold interest in the office complex located in the 22@ district lasting until 2078 for €30.6 million. Cushman & Wakefield has advised Invesco Real Estate on the transaction.
Invesco Real Estate (IRE), the global real estate investment manager, announced the sale of the Can Jaumandreu office complex to Universitat Oberta de Catalunya (UOC) for a total of €30.6 million. The complex belonged to one of the funds managed by IRE. The university has been a tenant of the complex since 2005 along with with Barcelona City Council 'Bagursa', and now with the purchase obtains the leasehold ownership of the asset until the year 2078. The purchase reflects of growth of the university, the increasing consolidation of the area and, above all, the rationalization of space.
Can Jaumandreu is one of the most emblematic office complexes in the 22@ district. With a total floor area of 12,284 sq.m it was built around an old 17th century factory. Comprising two buildings, the complex was developed under the 7@ planning code, which represents a restriction of use to public companies or entities focused on education and professional development. This planning code operates under a leasehold regime, whereby the municipality of Barcelona is the freehold owner of the land.
The 22@ district continues to break records
The 22@ district in Barcelona continues another year at a record pace. According to the report Marketshot from the real estate consultancy firm Cushman & Wakefield, the district closed 2017 with a total of 86 letting deals amounting to 101,000 sq.m, which represents the highest figure in the past decade and 34% more than the last two years. This also represents 30% of the total take-up of Barcelona and is primarily led by pre-let deals. This is the case of Amazon in the Luxa Silver building (10,241 m²), Activision (King) on Calle Ciutat de Granada 150 (8,837 m²), Hewlett-Packard in the building located on Calle Tanger 62 (8,132 m²) and WeWork in the Luxa Gold building (6,572 m²). The concentration of these multinational companies in recent months has created a digital hub within this particular area of the city.
Investor interest in the area in 2017 has also broken records. In terms of investment volume, the 22@ district has captured a total of €161 million, which triples the €51 million registered in 2016. In terms of floor area, the investment volume achieved translates to a total of 173,000 sq.m, well above the 2016 figure (33,000).
Eusebi Carles, partner at Cushman & Wakefield, says: "This trend has been confirmed during the first three quarters of 2018, with transactions such as the sale of the Mediapro HQ to a fund managed by Hines for € 90 million and various land transactions for new office developments. This demonstrates the attractiveness of the this particular area of the city to developers as there is a very strong occupiers market that in turn continues to attract interest from investors creating a market with high liquidity ".