The investment manager has finalised its acquisition of one of Barcelona’s most iconic office buildings. The asset, Torre Sabadell, is located on Avenida Diagonal in Barcelona.
The tower, located at the intersection of Avenida Diagonal and Calle Balmes, is one of Barcelona’s most iconic office buildings. The building, measuring 11,823 square metres above ground and 83 metres high, has 24 floors.
In addition to the sale agreement, Hines and Banco Sabadell have signed a lease agreement, which will allow the bank to temporarily remain in the Torre Sabadell, its main corporate headquarters in Barcelona, until the beginning of 2023. After this date, Banco Sabadell will occupy only four floors, including its main commercial branch and private banking office in the city. Following the purchase, Hines will carry out a comprehensive refurbishment of the building. Once the Sabadell Tower has been renovated, it plans to lease the office part of the asset.
Hines finalised the acquisition through its Hines European Core Found (HECF) fund. According to industry sources, it would have paid 90 million euros for the building.
Garrigues and EY advised Hines in the transaction, while Savills Aguirre Newman and Pérez Llorca advised Banco Sabadell.
