Colonial has sold an office building located in Sant Cugat del Vallès (Barcelona) to Tikehau Capital. The sale of Parc Cugat, acquired through the IREIT Global participated vehicle, has been agreed for 27.2 million euros .
The building, which currently has different tenants, consists of 12,000 m² of offices , an auditorium with a capacity for 200 people and more than 400 seats between cars and motorcycles. “This operation is a clear example of the health of the office investment market in Barcelona, which in the first three quarters of 2021 has already reached 1,400 million euros, representing more than 75% of the total investment volume in offices throughout Spain “, says Eusebi Carles, partner of the Capital Markets area of Cushman & Wakefield.
Thus, “the sale of Parc Cugat, at the same time, highlights the interest in Barcelona, not only of Core groups, very active until now, but also of another range of investments such as Core + and Value Add capital managers” , says Carles.
Cuatrecasas, Hill International and Hogan Lovells have advised the buyer, while Roca Junyent and Cushman & Wakefield have been the seller’s advisers.
Hiring increases 51.6%
In the first six months of the year, the hiring of offices in Barcelona experienced an increase of 51.6% compared to the same period of the previous year , to 138,000 m2, according to data from the real estate consultancy Cushman & Wakefield.
In these months, in Madrid, the figures remained at levels of demand similar to the same period of the previous year, with 145,000 m2 in the first half of 2021, and 149,000 m2 in 2020.