Cushman & Wakefield‘s office capital markets team has advised Grupo Catalana Occidente on the acquisition of Edificio WIP, their 4th building in Barcelona’s 22@ neighbourhood.
The 4,400m2 office building is let to WeWork and has been sold for €20M by Grupo Castellvi, Stoneweg and 1810 Capital Investments.
Barcelona’s 22@ district, also known as the innovation district, is the city’s former industrial area of Poblenou, in the district of Sant Martí. The area experienced one of Europe’s biggest urban regeneration projects which began during the 2000s and is still ongoing and spans over 198 hectares. Nicknamed «the Catalan Manchester» in the 19th century, Poblenou has turned into Barcelona’s technological and innovation district.
Grupo Catalana Occidente has invested over €228M in the acquisition of seven buildings in the last two years. The insurer focuses on purchasing prime offices in Madrid and Barcelona. As at the end of Q1 2018, the insurer had a property portfolio valued at €1.2 Billion, with latent capital gains of €476.6M. Bricks & Mortar account for 11.3% of the entity’s total portfolio of over €12 billion in assets under management.
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