Merlin Properties acquires Torre Glòries in Barcelona for 142 million euros

Merlin Properties acquires Torre Glòries in Barcelona for 142 million euros

This is a skyscraper situated at the junction of the Avenida Diagonal with La Plaza de Les Glòries, in the heart of the Barcelona technical district known as 22@.

Merlin is to invest 15 million euros in conversion work to create a multi-tenancy building, basically for use as offices. The SOCIMI hopes to obtain a gross annual revenue from the building of 10.3 million euros, a gross return at full occupancy of del 6.5%.

At a height of 142 metres, Torre Glòries is the third highest building in the city. It was designed by architects Jean Nouvel and Fermín Vázquez and inaugurated in 2005. It has a gross surface area of 37.614 m², spread over 34 floors and an auditorium with a capacity for 350 people. Additionally, the building has four parking floors with 300 spaces. In total, the building covers a constructed area of 51.485 m².

District 22@ is the main area of growth for the office market in Barcelona, having consolidated as a centre of attraction for innovative international companies such as Cisco, EBay, Yahoo, Deutsche Telekom, Sage, SAP, Capgemini and Indra.

With this acquisition, Merlin has increased Barcelona’s contribution to its office portfolio, passing from 17% to 19% and this is a notable step forward in the Prime and CBD area, which now represents 40%.

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