Henderson Park and Hines have announced the sale, through a forward funding agreement, of the student residence under construction at 22@ in Barcelona. Commerz Real AG has acquired this project on behalf of Commerz Real Institutional Smart Living Europe Fund.
Henderson Park and Hines acquired the complex in August 2018 and have since advanced in its development, which is expected to be completed by the start of the 2022/23 academic year. Once completed, the project will have 20.000 sqm and 6.079 sqm under ground, with capacity for 743 students. The project will be managed by the Hines real estate management team, through its Aparto brand.
This agreement comes after both companies signed in November 2020, also through a forward funding agreement, the sale of a second project that they were developing in the adjoining land, worth 31 million euro. The sale came after the signing, in September 2019, of a 15-year pre-lease agreement with Toulouse Business School (TBS) for the construction of its new 8.700 sqm in Spain.
The eight-storey residence has been designed by Batlle i Roig Arquitectes and has 2,500 sqm of outdoor gardens, 1,800 sqm of leisure spaces and 900 sqm of rooftop terrace, with the aim of achieving LEED Gold and WELL Platinum certification. Henderson Park and Hines will continue to develop the building until its completion.
«Barcelona is a real estate market with a very attractive supply and demand dynamics for the student residency sector. In recent years, since we acquired the space, we have worked together with Hines to develop two first- class educational and residential assets. Our projects have contributed positively to the new 22@ innovation hub in Barcelona, helping to transform this neighborhood into an international centre of educational excellence», says Nick Weber, founding partner of Henderson Park.
Cushman & Wakefield and Garrigues advised Henderson Park and Hines on the sale of the property.
