According to Expansión newspaper, Emesa Capital, which is owned by renowned lawyer Emilio Cuatrecasas, has sold two properties – a logistics warehouse in Tarragona and a plot of land destined for office use in Barcelona’s 22@ district.
Blackstone has bought the logistics asset, which has a GLA of 32,000m² and hired Savills as its buy side advisor. The property, for which the asking price was €18 million, is located in the Tarragonese town of Valls and is currently empty. According to Emesa’s CEO, Vanessa Llopart, this asset was taken to the market as it was considered non-strategic along with two office buildings in the Mas Blau business park in El Prat de Llobregat.
On the other hand, the plot of land on nº 176 of Barcelona’s Calle Pallars was considered strategic however the group has accepted an off-market offer from Conren Tramway who will continue with the vendor’s project to build a seven storey 9,600m² office building designed by architecture studio Baas. The office property development is expected to be completed by 2021.
Conren Tramway is owned by the Hugas brothers and German fund Conren Land which sealed their partnership at the end of 2016 with a first acquisition in calle Sancho de Avila 65, at the heart of Barcelona’s 22@ district. In 2017 this partnership completed two new office investments in Barcelona, BA97 and Paral.lel (formerly Edificio NEO).
About Emesa Capital
Emilio Cuatrecasas is considered the wealthiest lawyer in Spain, grandson of Emili Cuatrecasas i Buquet who founded Cuatrecasas. His property arm Emesa Capital was separated last year from the Emesa Corporación Empresarial which invests in solar energy and private equity investments amongst others. The non-property portfolio includes cosmetics company La Bella Aurora, healthcare group, Devicare and on-line loans companies like Arboribus.