International real estate firm Hines has purchased an office and television production complex in Barcelona from a partnership between Rilson Inmuebles, a subsidiary of media group Mediapro, and Barcelona de Infraestructures Municipals.
Financial details were not revealed, but media reports place the deal at €56 mln.
Hines bought the vehicle which owns the asset at Avenida Diagonal 177-183 for its Hines European Value Fund (HEVF). It marks the fund's third Spanish acquisition.
The deal follows an unsuccessful auction last autumn when Mediapro and Barcelona City Council failed to raise the €60 mln they sought for the property.
'We are confident in the long-term attraction, resilience and diversity of the Barcelona office market despite recent political stress,' said Sebastian Huergo, managing director of Hines Spain.
'Mediacomplex will benefit from the strong fundamental dynamics of the 22@ district and the emergence of the micro location as a leading office submarket for technology and media tenants.'
The asset will be held in the Hines European Value Fund (HEVF), representing its Spanish third acquisition.
Located on the Diagonal and very close to Gloriés Catalanes square, the asset comprises 32,000 m2 of office and television production space. The asset is fully leased to tenants including the Imagina Group and Universitat Pompeu Fabra on a long-term basis.
'This core-plus profile acquisition for HEVF demonstrates the fund’s commitment to diversification and blending the different components of total return, as well as investing on our own contrarian convictions,' said Paul White, HEVF fund manager.
Cushman & Wakefield brokered the deal.