Blackstone has reached an agreement with Ferran Marsà’s property development firm, La Llave de Oro, to purchase an office project in Barcelona’s technological district, known as 22@.
The New York based fund has invested €100 million to seal the deal, according to Spanish financial newspaper, Expansión, and the plot has an area of 3,300m² and is situated on the Sancho de Ávila street. Marsà’s company plans to develop an office building with a GLA of 17,400m² which will be wholly owned by Blackstone.
Forward funding and forward purchase transactions are becoming increasingly common in Barcelona’s 22@ district as the lack of quality assets available and strong tenant demand continue to take investor appetite to new levels. In fact, Commerz Real recently purchased two office buildings via forward purchase agreement with Conren Tramway for approx. 130 million euros.
In Commerz Real’s case their recent acquisition was structured as an asset deal in the form of a forward purchase. This means that Conren Tramway is initially building the property as a turnkey development for its own account and that Commerz Real will pay for it following completion and acceptance.