Hines buys office property in Barcelona

The Hines European Value Fund (HEVF) has acquired the SPV that owns Avenida Diagonal 177-183 in what is the third acquisition for Hines’ new flagship European value add strategy fund.

The building, known as “Mediacomplex” is an iconic office and television production complex located on the Diagonal and very close to Gloriés Catalanes square, a prime location within the rapidly growing 22@ district. Mediacomplex was born from a partnership between Rilson Inmuebles S.L. and Barcelona de Infraestructures Municipals, S.A. and has c. 32,000m² of GLA. The property is close to completely let to a strong tenant base including the Imagina Group and Universitat Pompeu Fabra with long-term contracts.

Hines is “confident in the long-term attraction, resilience and diversity of the Barcelona office market despite recent political stress. 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.” according to Sebastian Huergo, managing director of the Spanish office.

According to Paul White, fund manager of HEVF, “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. Mediacomplex is a strongly leased and superbly located, high-quality office building which will contribute to the bedrock of income supporting our value-add portfolio. We are delighted HEVF could secure such a transaction in Barcelona today.”