Hines has acquired the 11,823 sq m Avenida Diagonal 407 office building in Barcelona from Banco Sabadell. The asset has been acquired on behalf of the Hines European Core Fund (HECF) and is regarded as one of Barcelona’s most iconic office buildings.
Banco Sabadell will remain temporarily at the 22-storey property, formerly its main corporate office in Barcelona. Early in 2023 the bank will occupy four floors long term.
Hines is planning a comprehensive refurbishment of the building to transform it into a Class-A asset with either LEED Platinum or BREEAM Excellent certification and Class A energy efficiency. Once renovated, part of the space will be leased on a multi-tenant basis.
HECF now owns four assets in Spain in the logistics, high-street retail and office sectors and it is looking at opportunities in the residential-for-rent sector.
Vanessa Gelado, senior managing director and country head, Spain, at Hines said: “Barcelona’s financial district is a highly restricted market where very few investment opportunities arise each year.”
Garrigues and EY advised Hines on the purchase of the property. Banco Sabadell was advised by Savills Aguirre Newman and Pérez Llorca.