Barcelona has recovered, after the slump of 2020, its attractiveness for investors, especially in the office market, which has accounted for 53% of the total resources of 3.1 billion euros allocated to real estate.
This year, investment in office buildings throughout the city will register a record figure of 1.65 billion euros, 250% higher than in 2020 (473 million) and 10% more than in 2019, when it reached 1.502 billion, according to data from the real estate services consultancy CBRE.
Of the operations closed throughout the year, the high amount of some of them stands out, which has driven the average investment up to 56.9 million euros, exceeding 2019 levels, with an increase of 13.6%. Compared to the average amount of 20.9 million euros in 2020, this year's investment is 172% higher.
The increase in transacted prices in 2021 largely responds to seven purchase and sale operations that have been carried out for an amount exceeding 100 million euros. This shows that investors see Barcelona as a mature office market, explains the director of CBRE's Barcelona office, Xavier Güell.
Among these operations, the sale of the Pentagon portfolio ---composed of five properties that the insurer AXA has leased to the Generalitat--- to the KanAm investment fund for 280 million euros, and the acquisition by Allianz from Meridia Capital of the Sea Towers complex, the future headquarters of Everis in Barcelona, for 180 million euros, stand out.
The consultancy warns that this year, excluding higher-value purchases, the average investment has also exceeded pre-pandemic levels, reaching 40.5 million euros, above the 13.6 million in 2020 and 33.8 million in 2019.
By areas, 22@ continues to be Barcelona's submarket with the most transactions and highest investment volume, followed by the city center, although operations in the periphery and in the new real estate development area of BcnFira District, in the Zona Franca, are also growing, according to CBRE.
However, the attraction that the 22@ technology district still holds for investors and the existence of new developments in the so-called Zona 22@Nord has contained prices: the average investment of transactions has reached 50.5 million euros, practically double that of 2020 (25.4 million), but is below the 64.3 million of 2019.
HIGHLIGHTED REAL ESTATE TRANSACTIONS OF 2021
Departament d'Ensenyament
The acquisition of the headquarters of the Departament d'Ensenyament, at number 202 Via Augusta, was the main piece of the operation closed between the German fund KanAm and the insurer AXA, for a total of 280 million euros.The German investor bought a lot of five buildings from him ---occupied by the Generalitat until 2033---. KanAm paid a total of 175 million euros for numbers 330 and 244 of Calle Aragó, corresponding to services of the Department of Digital Policies and Territory and to dependencies of the Department of Justice; number 58 of Via Laietana, headquarters of Idescat; and 612 of Gran Via de les Corts Catalanes, headquarters of the Department of Climate Action, Food and Rural Agenda.
Glòries office complex
The manager IBA Capital Partnersacquired in April from Blackstone the office complex in the Glòries shopping center for120 millionof euros. It is a complex that totals an area of 21,500 square meters distributed among three buildings that have a facade on Gran Via, on Ciutat de Granada street, and on Diagonal Avenue.Amazon Offices
KanAm has also signed this year the acquisition of the building located at number 36 Tánger street in Barcelona for67 million euros, where tech giant Amazon plans to set up new offices. The property, located in the city's technology district, has 8,400 square meters of surface area and more than 900 square meters of outdoor spaces and green areas.One Parc Central Complex
DWS, an asset management firm owned by the Deutsche Bank group, bought from Värde Partnersthe One Parc Central office development, in the 22@ district, by128 million euros. It is a 23,500 square meter office tower that is part of a larger project that will include residential buildings, in addition to another office tower.Sea Towers
Meridia Capital sold the Project Sea office complex to Allianz for 180 million euros. These are two office buildings totaling 27,000 square meters located at number 213 of Nova Icària avenue. The Meridia complex includes a turnkey project for the new corporate headquarters of the Everis consultancy.Torre Esteve, in BcnFira District
The German fund KGAL Investment Management bought Torre Esteve from Iberdrola Inmobiliaria, in the emerging BcnFira District, in the Zona Franca, for about100 million euros. It is a building with a gross area of 19,423 square meters, distributed over 13 office floors and one floor of commercial premises. In addition to the headquarters of Laboratorios Esteve, the property houses the facilities of the College of Property and Commercial Registrars of Spain.Estel Building
The German fund manager Freo, together with Bain Capital, acquired the Estel Building, former headquarters of Telefónica in Barcelona. They paid 120 millionto its owner, the American fund Sunrich. Located in the middle of the Eixample, the building, which has a usable area of 40,000 square meters, will undergo a comprehensive renovation.Banc Sabadell Tower
The American real estate group Hines, developer of Diagonal Mar, has just closed the purchase for more than80 millioneuros ofthe Banc de Sabadell office toweron Barcelona's Diagonal Avenue, formerly home to Banco Atlántico.Diagonal 123
The Catalan investment group Metropolis boughtin March Diagonal 123, an iconic 10,000-square-meter building designed by French architect Dominique Perrault and which until then belonged to the Bernat family, founders of Chupa Chups. The objective of Metropolis, which paid about55 million euros, is to subject the building to a major renovation project to reposition it in the market and adapt it to the new needs of companies.Z Green Oasis Complex
CBRE Global Investor (CBRE GI) has bought the Z Green Oasis office complex from Glenwell Group this 2021, which is being developed on Zamora street in 22@, with an area of 15,439 square meters that is expected to be delivered in 2023. This is an operation valued between 75 million and 80 million euros. The complex consists of three newly constructed buildings, although it integrates modernist warehouses that are planned for rehabilitation.Student residence at 22@
The German group Commerzbank has acquired for97 million eurosa turnkey project to the Henderson Park fund and the American real estate company Hines. It is a student residence with 743 beds located in 22@, between Cristóbal de Moura street and Diagonal Avenue, and is expected to open at the beginning of the 2022/23 academic year.Hewlett Packard Enterprise Offices
The real estate investment manager BNP Paribas Reim has closedrecently announced the acquisition of the offices that the multinational technology company Hewlett Packard Enterprise (HPE) occupies on Tánger street in the 22@ district. This is an asset that was owned by the UK&European Investments fund, which could have paid around 50 million euros for it.Hotels, in the focus of investors
In 2021, several emblematic hotels in the Catalan capital have also changed hands. The NH Collection Barcelona GranHotel Calderónwas acquired for 125 million by the international fund LaSalle Investment Management; for its part, Scranton Enterprises, an investment vehicle controlled by the Grifols family, has also acquired the Hotel Hesperia Presidente for 125 million.At the beginning of the year, the ASG fund acquired the Nobu Hotel from the Selenta group for 80 million. A few months later, Selenta's other two hotels in Barcelona, the Sofia and Expo, passed into the hands of the Brookfield Asset Management firm, in an operation valued at 440 million that also included hotels in Tenerife and Marbella. Finally, Melià has bought the Hotel Apolo del Paral·lel for 90 million.