Spanish REIT, Colonial, buys Torre Mare Nostrum in Barcelona

Naturgy, formerly Gas Natural Fenosa, has sold its 45% stake in Barcelona’s Torre Mare Nostrum, their current headquarters, and will relocate to a new office on nº525 Diagonal Avenue. The buyer, Inmobiliaria Colonial SOCIMI S.A., already owns the remaining 55% share.

The 100-meter tall Torre Marenostrum is located on the city’s waterfront and comprises two independent buildings with a total GLA of 22,000 m². The open-plan floors have up to 965 m² with modern facilities and a large parking area.

The agreement, which was reached last Tuesday, allows the Spanish REIT to consolidate their ownership of the JV vehicle they had created with the Spanish natural gas & electrical energy giant.

Torre Mare Nostrum is located in the Barceloneta neighbourhood and was built by Colonial in 2005 to house a workforce of around 1,000 employees. However, following the election of Francisco Reynés as CEO of the utilities group last year, the company has been looking for more central locations.

According to El Confidencial, Naturgy & the SOCIMI have rescinded the lease contract and have reached an agreement for the energy company to move to another property owned by Colonial, specifically on nº 525 of Barcelona’s Avenida Diagonal, in the area of Les Corts. The latter was purchased by Inmobiliaria Colonial last year and is leased to the local government who will vacate the premises in the coming months.