The German fund Union Investment is finalizing an investment of sixty million euros for the purchase of one of the buildings in the Cornerstone office complex, in the 22@ technology district, according to Expansión.
Cornerstone is an office complex located at the crossroads between Bilbao and Camí Antic de València streets. In total, it has an area of 21,000 square meters divided into three buildings: A (2,857 square meters), B (7,846 meters) and C (10,010 meters). The facilities have the Leed Gold sustainability certification.
Union Investment intends to acquire only the larger one. If the office complex were sold in its entirety at the same price as this operation, its market value could be around 120 million euros. The operation has been brokered by Cushman & Wakefield (C&W), according to the aforementioned market sources.
With this operation, Union Investment confirms its growth strategy in the Barcelona market, both in the office segment and in other real estate sectors, such as hotels.
The Swiss fund UBS acquired the complex in 2015 after paying 80 million to Benson Elliot. The origin of Cornerstone dates back to 2009, when Banco Sabadell took a plot of land from the Lar group and Morgan Stanley as payment for the cancellation of a mortgage. Two years later, the Catalan bank managed to sell the site and a turnkey project to Benson Elliot for 50 million.
Building C has nine floors and is currently 100% occupied. The most prominent client is the German multinational Henkel, which occupies six plants.