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Hispania acquires Barcelona office block for EUR18.11m

Hispania Activos Inmobiliarios, through its subsidiary Hispania Real SOCIMI, has acquired an office building on Barcelona from MEAG Asset Management in a EUR18.11 million deal.

The acquired offices at the “ON building” are situated in c/ Llull 321, in the Fórum area, within the 22@ district in Barcelona.
 
It has a gross leasable area of 6,908 square metres plus 134 parking spaces.
 
This is an A-Class building, built in 2006. The current occupancy rate is of 82 per cent. The On building is located in the intersection of Pujades-Llull-Diagonal, a consolidated and highly demanded area within the new 22@ business district, considered the main emplacement for growth within the office market in Barcelona in the midterm. 
 
With this transaction, Hispania has already invested EUR310.76 million, 58.3 per cent of the net proceeds raised at its IPO on 14 March. Since then, Hispania has built a portfolio with a gross leasable area of 91,218 square metres in office space-principally in Madrid and Barcelona, 412 dwellings – 213 in Barcelona and 199 in Madrid – and three hotels, one in Marbella and the other two in Madrid.
 
In this deal, CBRE and Cushman & Wakefield and acted as advisors of the seller and of the buyer, respectively.
 
”With this investment, Hispania accumulates a diversified and high quality office portfolio with a gross leasable area of 91.218 square metres, in consolidated areas with high growth potential in Madrid and Barcelona,” says Concha Osácar, board member of Hispania. 

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