Codic sells its second office development in 22@ for €31M

Codic sells its second office development in 22@ for €31M

Movement in Barcelona's 22@ office market. The Belgian developer Codic has announced the sale of its second office project in Barcelona to the insurance company BanSabadell Vida, which is scheduled for delivery in October 2023.

Savills has advised on the transaction under the forward funding structure together with BNP Paribas Real Estate.

The newly developed building, christened Binar, has been designed by the BCA studio. It has a surface area of 4,500 square metres in the prime area of 22@, at 101 Pamplona Street. It has LEED Platinum and Wiredsored certifications. It was pre-leased last year by the video game company Socialpoint. The well-known gaming company, born and developed in Barcelona, will move its offices from Torre Llacuna to the new building when it is completed.

Cristophe Jacobs, general manager of Codic Spain, has shown his satisfaction at selling his second "Binar" operation in the 22@ district. A project that, after the start of the works at the beginning of 2022 and the closing of its lease to Socialpoint, quickly aroused investor interest for its acquisition. An interest that, on April 4th, is formalised with the signature of the purchase agreement by BanSabadell Vida.

Codic bets on its investment in Spain, and on the 22@ office market

After this operation, Codic is optimistic about the behaviour of the office market in Barcelona. In fact, the developer is getting ready to start the works of its third office building, Standout, also in 22@. With the arrival of Toni Candini as country manager, the group confirms its investment commitment in Spain.

Alex Bujanda, investment director for Spain and Portugal at BanSabadell Vida, commented that "with this purchase, we reinforce our exposure to assets in the district that has experienced the greatest transformation of Barcelona in recent decades, becoming the epicentre of innovation in the city and attracting a multitude of companies that are committed to innovation and knowledge".

Carlos Bajo, director of capital markets Barcelona offices at Savills, points out that "the market's interest in core product, well located and with long-term contracts remains strong. In this macroeconomic context, it is an optimal time for this type of investor profile that seeks security with a medium-term vision".

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