BC Partners Real Estate, the real estate investment arm of leading international investment firm, together with FREO Group (“FREO”), today announced the completion of their joint acquisition of the office building located at Gran Vía de les Corts Catalanes 764, in the city centre of Barcelona.
This asset, which has been the Spanish headquarter of pharmaceutical company Novartis since the 70’s, is an iconic corner building in Barcelona. Located in the Eixample district close to the famous Sagrada Familia in one of the most attractive areas of the city, the asset sits on the main strategic axis between Passeig de Gràcia (Barcelona’s CBD) and Plaza de les Glòries Catalanes (prime 22@).
BC Partners Real Estate and FREO have acquired the asset through a sale and partial leaseback with Novartis, which will lease half of the office space once work is complete. The plan is for the building to undergo a comprehensive refurbishment as well as an internal and external redesign to turn it into modern and sustainable workspace of c. 13,000 sqm. Amenities in the building will include an auditorium, catering facilities, meeting rooms and three terraces, including a large rooftop with spectacular unobstructed views over the city of Barcelona. The programme is also committed to achieving the highest sustainability and ESG standards.
Laurian Douin, Partner at BC Partners said: “We are very pleased to conclude BC Partners’ first real estate investment in Spain with the help of FREO and we are confident that this will be the first of many. The deal’s defensive profile, with half of the space already prelet to a prominent occupier, the building’s urban location, its potential for repositioning into attractive sustainable, and flexible and amenity-rich office space will appeal to occupiers and makes it exactly the kind of investment we seek to put our capital to work.”
Daniel Mayans, Managing Director of FREO said: “FREO is delighted to purchase such an iconic building in Barcelona. We acquire this project with a like-minded partner committed to investing in the Spanish market, also creating the necessary value out of the repositioning of a unique asset in the city. After our recent successes in the 22@ area, we are looking forward to putting our expertise of the Barcelona office sector to work on such a new exciting project.”
BC Partners Real Estate and FREO have been advised by Uría Menéndez, Savills, b720 architects and Mace as technical advisor.