Cain and Freo plan to develop offices at @22 with €23M

Cain and Freo plan to develop offices at @22 with €23M

The project of Building Diagrama located at @22 of Barcelona

Office building Diagrama should bring a new life to this technological district within the Catalan capital by the end of next year. Until then, both companies should start developing the 15.000 sqm, 5-floor complex, located at numbers 109-113 Calle Pere IV. And, to carry out the development, the two companies have already received financing for the project, having sealed a 23 million euro loan from CaixaBank.

This building was acquired in mid-2018 by Cain Internacional for around 20 million euro and is currently part of a 50.000 sqm complex Freo is developing within district @22, revealed newspaper Expansión in its print edition.

The spaces’ marketing is in charge of consultants CBRE and Savills Aguirre Newman. On this point, Cain’s director for asset management in Europe, Liam Le Roux anticipates «a large demand for well-located, high-quality spaces from companies that prioritise their staff’s health and well-being, as seen during the pandemic». Óscar de Navas, Freo’s general manager for Spain, further added that «we now have more than one year to see how the market reacts».

Despite the uncertainty generated by the pandemic, Liam Le Roux believes that «Barcelona’s increasing popularity upset the balance between offer and demand, with very attractive returns for the office market».

This is not the first investment to be carried out in Spain by the joint-venture created by Cain and Freo. Last December, the companies purchased 2 office assets located in Madrid for 65 million euro. Before, they had also bought an office portfolio from Merlin Properties for 225 million euro.

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