Related operation in the Spanish office sector. source of money Freo and BC Partners have completed the acquisition of the historic headquarters of pharmaceutical company Novartis. Barcelona, as Freo sources confirm to EL PERIÓDICO DE ESPAÑA of the Prensa Ibérica group. The building is located on Gran Via de les Corts Catalanes and covers more than 12,000 square meters. CBRE has been a consultant to Novartis; Freo and BC Partners are Savills.
As reported a month ago by Cinco Días, the pharmaceutical company put this asset up for sale after remote work at the company gained ground after the pandemic. Novartis intends to sign such an agreement. sale and leasebackthey sold the property, but some of them are rentedIt guarantees new owners an income.
How much did investors pay? The final number of the operation was not disclosed, but maybe 40-45 million, as one of the parties involved in the transaction pointed out to this medium. As reported by Brainsre.news, the goal of the new owners is to reform the property to adapt it to the new needs in terms of sustainability and ESG. It will also have an auditorium, restaurants, meeting rooms and three terraces.
It was built in 1967 with the introduction of the eight-storey building. From that year to the present has always belonged to Novartis. It currently employs 700 workers. The property is located at 764 of Gran Via de les Corts Catalanes, in the El Fort Pienc district.
offices in Barcelona
In the first nine months of the year, Barcelona office investment reached 835 million euros460 of them between July and September; According to the latest report by consulting firm Savills. That figure includes the sale of the new Glovo headquarters, an operation announced months ago. The main character of this transaction is Freo sold to GMP, Socimi owned by the Montoro family and sovereign wealth fund of Singapore GIC with 200 million assets.
The second largest operation in the third quarter of the year, Purchase of building located at 2-6 Avenida Josep Tarradellas. Franklin Templeton purchased the asset from the DWS executive in an operation run exclusively by this newspaper.
According to the research of the aforementioned consultancy, international investors remain the main driving force Activity in Barcelona with 62% of trading volume. Considering the foreign GMP operation due to the existence of the GIC, this rate rises to 71%.
One of the main obstacles to have more operations new profitability requirements investors. It increased 0.55% this year. What effects does this have? A property with an annual income of 100,000 Euros, previously traded at 3.50% and valued at 2.8 million on the market, is now sold at 4% and is valued at 2.5 million. This drop in value can be partially recovered as long as the property can adjust rents for inflation.