Hines, acting on behalf of the Hines European Value Fund (HEVF), has completed the acquisition of the SPV that owns Avenida Diagonal 177-183 or Mediacomplex, an iconic office and television production complex in Barcelona. The purchase price was not disclosed.
Located in the close proximity to Glories Catalanes square, Mediacomplex offers c. 32,000m² of modern office and television production space. The asset is effectively fully leased to a strong tenant base including the Imagina Group and Universitat Pompeu Fabra on a long-term basis.
Sebastian Huergo, managing director of Hines Spain, said: “We are confident in the long-term attraction, resilience and diversity of the Barcelona office market despite the recent political stress. Mediacomplex will benefit from the strong fundamental dynamics of the 22@ district and the emergence of the micro-location as a leading office submarket for technology and media tenants.”
Paul White, HEVF fund manager, said: “This core-plus profile acquisition for HEVF demonstrates the fund’s commitment to diversification and blending the different components of total return, as well as investing on our own contrarian convictions. Mediacomplex is a strongly leased and superbly located, high-quality office building which will contribute to the bedrock of income supporting our value-add portfolio. We are delighted HEVF could secure such a transaction in Barcelona today.”
Lars Huber, CEO of Hines Europe, commented: “We are excited about having been able to secure this deal in Barcelona for our new European flagship value fund. The addition of Mediacomplex to our expanding Spanish portfolio emphasizes Hines’ commitment to acquiring and developing the highest quality buildings in the most dynamic submarkets within Spain’s dominant cities of Madrid and Barcelona.”
