Benson Elliot has agreed the sale of its landmark Cornerstone office development in Poblenou, Barcelona to a fund managed and a European mandate advised by UBS Global Asset Management's Global Real Estate (GRE) business, for €80 mln.
Benson Elliot agreed to forward purchase the 20,700 m² office development from Banco Sabadell subsidiary Solvia in March 2011, in a joint venture with Bream Real Estate. At the time, few were willing to make such a considerable - let alone speculative - commitment to Spain’s real estate sector.
One of Barcelona’s most design-efficient buildings, Cornerstone was opened in November 2013 and awarded the city’s first ever LEED Gold Certificate for an office development. Cornerstone's design distinction has been a key driver of the building's successful leasing efforts, with Cornerstone now 77% let little more than a year post-delivery. Tenants include ADP, a global leader in outsourced services and human resources management, and German manufacturer Henkel.
Poblenou is Barcelona’s largest and most dynamic office sub-market, home to quality occupiers such as Ogilvy & Mather, Hyatt and Cuatrecasas. In September 2014, Benson Elliot demonstrated the firm's ongoing commitment to Poblenou - and conviction in Spain's economic recovery - with the acquisition of a 23,400 m² land plot in the Las Glorias area (c. 1 km from Cornerstone). This site is earmarked for another trophy office development.
Benson Elliot was advised by Cushman & Wakefield and Ashurst, while the buy-side legal advice was provided by Dentons.
Source: Benson Elliot