Benson Elliot sells €200m of Barcelona offices

Benson Elliot has agreed the sale of Parc Glories, its landmark office development in the Diagonal-Glories submarket of Barcelona, to listed Spanish property company Inmobiliaria Colonial.

Following Benson Elliot’s July 2015 sale of its Cornerstone development in Poblenou to UBS Asset Management’s Global Real Estate business, the sale of Parc Glories takes the total end value of Benson Elliot’s Barcelona disposals to €200m (£151m) in the past 12 months.

Parc Glories is fully designed and permitted. On completion it will provide column-free floors of up to 20,000 sq ft in the heart of Barcelona’s business district, adjacent to Plaza de las Glorias.

Trish Barrigan, Benson Elliot senior partner, said: “Benson Elliot made an early move into the recovering Barcelona market, with a focus on prime offices in Poblenou. That move continues to pay off for our investors. We have an ongoing investment programme in Barcelona, but we are not averse to crystalising the value we have created when the opportunity presents itself. We couldn’t think of a better organisation to take this project forward than Colonial.”

During its ownership, Benson Elliot worked with local partner Urban Input to design and gain consent for the building.

Cushman & Wakefield and CBRE advised on the transaction.

Other News

Here’s looking at YOO

“Waking up worrying in the middle of the night, feeling like the sky is falling on your head, is a sensation most successful people have… Read more »

E Europe

CC Land’s next big play

When Dickie Wong is in London his phone doesn’t stop ringing. The CC Land deputy chairman, who led the £1.15bn acquisition of the Cheesegrater, EC3,… Read more »

E Europe

New ULI president Chris Choa puts focus on connectivity

“Connectivity is destiny.” It sounds more like the tagline of an epic Hollywood film trailer than the mantra of the Urban Land Institute’s new UK president. But… Read more »

E Europe