Metropolis buys an office building in Barcelona’s 22@ district

The Bernat Family Office has sold a building located on Barcelona’s Diagonal 123 to Metropolis for c. €55M. Designed by the Dominique Perrault, the property is considered an emblematic office building in one of areas with the highest demand in the city.

Metropolis plans to undertake an exhaustive renovation & repositioning process including the redesign of its common areas and the implementation of improved quality and sustainability standards. The buyer aims to adapt to the new trend of flexible work environments that encourage collaboration and create a sense of belonging.

Diagonal 123 has a GLA of 10,170 square meters of office and retail space, along with 240 parking spaces and large terraces. The property, which Vodafone was partially let to Vodafone a few months ago, was developed by Hines and sold to BFO in 2010. As of today, the property has a vacancy rate close to 50%. The building is currently Breeam Gold certified.

The investment was carried out following the largest capital increase in the history of Metropolis and the incorporation of new shareholders. This deal consolidates the firm’s growth, building through its diversification and internationalization strategy.

Metropolis was created in 1992 as an investment vehicle and its shareholders have a long-term investment strategy, which focuses on capital preservation and pursues the generation of an attractive recurring dividend and the creation of value in the medium and long term.

Cuatrecasas advised Metrópolis with a Barcelona office team formed by M&A partner Gerard Hernandez, Tax partner Antonio Gil, together with principal associates Lluís Puig and José Luis Garcia de Cal, and associate Claudio Hoyos.