Augsburg real estate investor acquires office project development in Barcelona

Augsburg real estate investor acquires office project development in Barcelona

Catalonia is one of the strongest economic regions in Spain. The Catalan capital Barcelona is the country’s second largest metropolis after Madrid and a sought-after location for real estate investors. The Augsburg real estate investor Patrizia Immobilien AG has now acquired an office project development in a prime location in Barcelona. This article is based on the unique List of the 400 largest German real estate investors in Germany.

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In the middle of Barcelona’s technology and innovation district

The project is located in the 22@ district. This is also known as “22@ Barcelona” or “Districte de la innovació” – an urban renewal area in the former industrial quarter of Poblenou in the Sant Martí district. In the 19th century the quarter was also known as “Catalan Manchester”. Here, on a total area of four square kilometres, one of the most modern technology and innovation districts in the country with office, commercial, residential and leisure areas is to be developed.

The “Diagrame” office building is located in the middle of the 22@ district. A building with a total area of 15,000 square meters is planned. Planning permission has been granted and construction work has already begun. Completion is scheduled for the end of 2021. Diagrame will then offer its tenants open-plan offices on five floors. The chances for a profitable lease are excellent, as good office space in Barcelona is very scarce. The property has excellent transport connections, a good infrastructure environment and the popular Mar Bella beach is not far away.

Patrizia Immobilien acquired the project for 72 million euros. The sellers are Cain International and the partner FREO Group. Patrizia will use Diagrame to increase its assets under management in Spain to a total of 1.3 billion euros. Of this, 360 million euros alone are attributable to office properties. The Augsburg-based company was founded in 1984 and is owner-managed. Patrizia offers institutional investors direct investments in real estate and real estate funds for private investors.
Picture source: Unsplash

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