BNP Paribas Reim has purchased an office complex in the financial district of Barcelona, for which it has paid 50 million to the UK&European Investments fund, the former owner. The UK & European Investments Ltd and LTG Capital have come together and now operate under one new brand, Blue Coast Capital.
With a total area of 7,211 sqm, the property is an architectural reference in Barcelona. It went from being a textile factory to becoming the first Leed Platinum office in the city thanks to the rehabilitation carried out by Blue Coast Capital.
It consists of four floors and a garden terrace of 800 sqm on the top floor. It offers modern workspaces with training areas, collaboration spaces, computer labs, an auditorium and a cafeteria. And, currently, it is fully leased to Hewlett Packard.
The operation represents the first acquisition of BNP Paribas Diversipierre in Spain. The OPCI was launched in 2014 and is structured for private investors, investing both in real estate assets that are "physical buildings", as well as shares of listed REITs or covered bonds. In November 2020, it was one of the first French investment funds to obtain the SRI (Socially Responsible Investment) label applied to the real estate sector, which came into force in July of that year.
According to Gonzalo Bueno, CEO of BNP Paribas REIM Iberia, "this acquisition strengthens the BNP Diversipierre fund portfolio and fits perfectly with its strategy by adding a modern asset, fully leased and located in a strategic location in Barcelona. In addition, the building has with Leed Platinum certification, thus respecting the environmental commitments of BNP Paribas REIM, whose strategy is to accelerate the objectives of its funds in terms of ESG".
Garrigues, Savills Aguirre Newman, GreenAffair and KPMG have advised BNP Paribas, while Blue Coast Capital has been advised by Uría Menéndez, Urban Input, BYG, Deerns, Mediterra and JLL.