CBRE Global Investors, on behalf of one of its pan-European funds, has completed the forward purchase of Z Green Oasis, a new office campus in Barcelona's 22@ district from Glenwell Group in a private off-market transaction.
With a total office space of 15.439 sqm, Z Green Oasis consists of three newly constructed buildings comprising three refurbished modernist warehouses, which are scheduled for completion in the third quarter of 2023. The campus will be LEED Gold and WELL Gold certified and will meet sustainability standards thanks to more than 5.000 sqm of green areas and outdoor terraces, as well as electric vehicle charging points. The project is designed by the architectural firm BCA.
«This acquisition of the new campus fits perfectly with our strategy of investing in efficient and well-equipped offices with strong ESG credentials, as it has world-class qualities. It will be an asset tailored to the latest requirements of modern tenants, with an increasing demand for flexible and collaborative spaces, but with lower density of use. Barcelona is one of the most dynamic markets in Europe and 22@ is one of its most attractive submarkets, so we expect above-average growth and solid profitability from this asset», explained Antonio Roncero, Head of Transactions for Spain and Portugal at CBRE Global Investors.
CBRE Global Investors has been advised by Perez Llorca and Ernst & Young and, in the technical area, ARQ together with CBRE. Glenwell Group has been advised by Savills Aguirre Newman and Garrigues.