Cain International and FREO Group agree EUR72m forward sale of Barcelona office development
Cain International, a privately held real estate investment firm operating in Europe and the United States, and its partner FREO Group, have agreed the forward sale of Diagrame, a 15,000 sq m office development in Barcelona’s District 22@, to PATRIZIA AG.
The transaction has been agreed using an earnout structure and reflects a minimum value of EUR72 million.
Due to reach practical completion in late 2021, construction of Diagrame commenced in July 2020 following the land aggregation of the two adjacent plots to enable full planning consent and will be overseen by Cain International and FREO Group, who will also manage the letting and management of the development.
Located at Calle Pere IV 109-113 with close proximity to a wide selection of services, public transport, restaurants and shops, as well as easy access to residential areas and the city’s attractions such as the Mar Bella beach, tenants will benefit from premium amenities. This will include two spacious terrace gardens, changing rooms, private parking spaces for both electric and regular vehicles, dedicated parking for bicycles, and multipurpose meeting space where a variety of workshops, talks and events will be organized for the building’s community. Diagrame will be built to the highest standards of sustainability and energy efficiency, guaranteeing a LEED Platinum certification, to provide five floors of open-plan office accommodation with natural light, high-quality thermal comfort controls and smart sensors.
CBRE and Savills Aguirre Newman are the appointed letting agents.
Daniel Harris, Head of European Investment at Cain International, says: “We acquired this project in 2018 having recognised its strong fundamentals driven by the supply-and-demand imbalance in Barcelona’s office market. Since then 22@ has evolved from an industrial area to the largest scientific, technological and cultural hub in Barcelona, with Facebook, Microsoft and Amazon now amongst its tenants. Despite the current uncertainty and change as a result of the Covid-19 pandemic, we anticipate that demand for this type of well-located and high-quality space in gateway cities will remain strong as occupiers look to prioritise the health and wellbeing of their staff.”