King Street Capital Management («King Street»), a globally recognized investment trust, and Freo cluster («Freo»), a number one international investment asset manager, have joined forces to sell through a forward sale agreement a replacement LEED Platinum office complex in Barcelona, Spain.
The 38,000 sqm plus, composed of 3 buildings, is found within the heart of the 22@ downtown, a longtime sub-market attracting prime tenants trying to find fashionable grade A offices. Giant international technology corporations have a robust presence within the space, that continues to attract a younger, affluent talent pool. The buildings are targeting to be delivered between this fall 2022 and Q1 2023.
As a LEED Platinum certified development, MILE22@ has 57% of water usage savings and 36% of energy savings, additionally the design includes a rooftop with solar panels and sustainable construction materials that are 23% recycled. the buildings also come with very high demanded characteristics such as communal gardens and private terraces with views of Barcelona and the Mediterranean sea. These factors and their location has continued to attract high level tenants such as international technology firms with high caliber talent and high GDP per capita.
Paul Brennan, director and Head of European assets at King Street, said: «The sale of this asset underscores King Street’s ability to successfully execute on our build-to-core strategy of developing and leasing property, next-generation workplaces in major European cities»
Oscar Delaware Navas, director, Freo Group, said: «After four years of active plus management, construction and leasing, we’re very proud to shut this productive deal. 22@ District has been a key submarket for Freo and can still be within the future.»
King Street has committed over $4 billion of equity across 60 private real estate transactions since 2010. King street has been involves in Spanish Real Estate since 2012, having invested more than $1 billion of equity in Real Estate in Spain.
Freo Group has invested over €1 billion in the Spanish real estate market since 2015 and is willing to continue growing in the coming years.
King Street and Freo Group were advised by CBRE, Savills, Uria Menendez and Deloitte