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Commerz Real acquires 2 office buildings in Barcelona for €132M
19 December 2019 | Vanessa Sousa

Conren Tramway and Commerz Real have signed a sale and purchase agreement for B97 and A160, two office buildings in the 22@ district of Barcelona totaling over 23,000 sqm in gross letting area. The transaction is expected to complete in 2022, after owner Conren Tramway completes their development. The purchase price is 132 million euros, further terms have not been disclosed.

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B97 is an office building in Calle Badajoz 97 arranged over ground plus twelve floors with over 14,000 sqm in gross letting area. A160 is an office building in Calle Almogavers 160 arranged over ground plus five floors with over 9,000 sqm in gross letting area. The buildings will benefit from underground parkings for cars, motorbikes and bicycles as well as private and common terraces totaling more than1,800 sqm and 800 sqm respectively, besides other amenities. Both will fulfill requirements to be classed Grade A and have been designed by Batlle i Roig following strict energy efficiency and environmental standards to qualify for a LEED Gold Certificate.

Henning Koch, global head of transactions at Commerz Real explains the re-entry of the asset manager into the Spanish market after their last investment in 2005: «The positive development of the Spanish economy and the very good future prospects make investments for us interesting again».

Paco Hugas, a Partner of Conren Tramway states «A key driver of the Barcelona office market is demand for office space from new tenants attracted by the consolidation of the city as one of Europe's top business hubs, cost competitiveness, their ability to attract and retain local and international talent and connectivity. Our 897 and A160 office developments have been designed for corporations with the most demanding requirements in a market with strong demand, near zero vacancy and limited supply in the short term. Both have the flexibility to be configured for single or multiple tenants seeking high quality, grade A, LEED certified office space. Conren Tramway will begin marketing next year».

Jaime-Enrique Hugas, a Partner of Conren Tramway states «This investment by Commerz Real and our sale earlier this year to Amundi of Sancho de Avila 65 underpin interest from the world's leading real estate investors in the Barcelona Office market. Supply — demand imbalance and the growing space needs of the vibrant technology and services sectors support rent growth and drive investment. The consolidation of 22@ as a prime business district validates the plans launched by the city in 2000 to transform a rich industrial past into the engine of future economic growth and prosperity. Our growth plans remain focused on expanding our team's capabilities, investing in value added, core plus office and mixed-use developments in Barcelona and Madrid».

The completion of these office buildings along with other projects in their surroundings will contribute to consolidate the transformation of 22@ as the new prime office district of Barcelona.

Uria Menéndez have acted as legal advisors to Conren Tramway while Cuatrecasas and CVO Group have acted as legal and technical consultant respectively to Commerz Real.

Commerz Real is a subsidiary of Commerzbank AG with more than 45 years of market experience and approximately 33 billion euros in assets under management.

Conren Tramway is a real estate investment and asset management company based in Barcelona. Its investment strategy focuses on office projects in the main urban markets of Madrid and Barcelona, with a selective interest in other key secondary cities.

Besides 897 and A160, Conren Tramway's Barcelona portfolio includes three other Office projects under construction: Sancho de Avila 65 (12,300 sqm), Pallars 180 (14,700 sqm) and “Las Tres Chimesas”, a 33,800 sqm building in Avenida Paralelo formely housing the regional headquarters of Endesa.

Press Released By Commerz Real and Conren Tramway