Metropolis purchased office building from BFO for €55M

Metropolis purchased office building from BFO for €55M

Diagonal building 123, Barcelona

The operation was concluded yesterday for 55 million euro.

The building, with views over Parc Central, was designed by French architect Dominique Perrault. The asset is located at the intersection between Avenida Diagonal and District 22@, Barcelona’s most in demand area.

Following the purchase, Metropolis will start the process of renewal and repositioning of the asset which will include redesigning its common areas and the implementation of better quality and sustainability standards.

Diagonal 123 is currently certified BREEAM GOLD, and offers 10.170 sqm of offices and commercial stores as well as 240 parking spots and terraces. The building, which was partially occupied by Vodafone up until a few months ago, was developed by Hines and acquired by BFO in 2010. It currently has an occupancy rate near 50%.

The purchase followed a capital increase by Metropolis and the incorporation of new shareholders. Metropolis and BFO were advised in this operation by Jones Lang Lasalle, Cushman & Wakefield, TBA Facilites, Cuatrecasas and Deloitte Legal. The operation was financed by CaixaBank.

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