Conren Tramway launches a fund of €400M for ‘prime’ offices in Spain

Conren Tramway launches a fund of €400M for ‘prime’ offices in Spain

The real estate agency has acquired an office building located at number 490 on Diagonal de Barcelona, ​​on the corner of Calle Balmes, owned until now by a foreign family office. The property, which has recently been renovated and is located in the heart of Eixample, has 5,000 sqm of offices and another 1,500 sqm of retail occupied by Zara Home and Casa Viva.

The German bank Deutsche Hypo - Nord / Lb Real Estate Finance has financed the purchase of this asset with a long-term mortgage loan. This is the first investment of the fund, which intends to invest 400 million euros in the business districts of Madrid and Barcelona, ​​either in core assets or in value add. Until now, Conren Tramway's activity had been very focused on the promotion of offices (to a large extent in the 22@ district of Barcelona) for their subsequent transfer and, therefore, the operation in Diagonal 490 represents a new line of activity.

Within its promotion strategy, Conren Tramway recently announced the purchase of two floors in Almogàvers 106 and Llull 122, with which it already has six office projects in the 22 @ district of Barcelona. Of particular note are Sancho de Ávila 65 (sold to Amundi), Badajoz 97 and Almogavers 160 (sold to Commerz Real) and Pallars 180, whose completion is expected by the end of the year.

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