Union Investment buys Henkel's headquarters in 22@, its first office asset in Spain

International investment funds maintain their interest in Barcelona's technological district and in the last week two new real estate operations have been closed. On the one hand, Union Investment has acquired building C of the Cornerstone complex, owned by UBS Asset Management, for 65 million euros. On the other hand, a fund managed by Zurich has taken over the office complex at number 105 Sancho de Ávila, which belonged to Urbania, for 18 million euros.

According to real estate consultants, in the first quarter of this year, in Barcelona the office sector has continued to grow. With an investment of around 150 million euros, between 92,000 and 95,000 square meters have been transacted.

The purchase by Union Investment is the first operation in the office segment in Spain for the Hamburg-based real estate investment manager, who has opted for an already occupied property with architecture adapted to new environmental needs. The building, one of three that make up the Cornerstone complex, is the Spanish headquarters of the multinational consumer goods company Henkel and the company Netcentric, which is part of the Cognizant group, an information technology services industry.

It is more than 10,000 square meters, with LEED sustainability certification for its commitment to reducing energy and water consumption and for the environmental quality of air, natural light, and materials with a recycled percentage. In addition, the complex has a private square of 2,100 square meters exclusive for users.

UBS Asset Management acquired the entire Cornerstone complex in 2015 for 80 million euros, until then owned by Benson Elliot. Now, Cushman & Wakefield and JLL have advised the seller on the operation.

Meanwhile, a Zurich investment fund has acquired the Sancho105 building, of 2,500 square meters, located at number 105 Sancho de Ávila Street, between Badajoz and Ciudad de Granada, in an operation advised by the consultancy CBRE.

Located on the grounds of the former Llorenç Pons y Clerch soap factory and designed by BCA Blanch + Cuenca Arquitectura, this property has 2,331 square meters distributed between the ground floor and six floors and several terraces that add up to 745 square meters. The project will be accredited with the LEED Gold certification and will be occupied by a single tenant.