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.