Barcelona
CBRE Global Investors Acquires New Office Campus in Barcelona
19 Jul 2021
Corporate Communications Director
Helen Stott
Corporate Communications Director
CBRE Global Investors, on behalf of one of its Pan European Funds, has completed the forward purchase of Z Green Oasis, a brand-new office campus in Barcelona’s [email protected] district from Glenwell in an off-market transaction.
Totalling 15,439 sq m of office space, Z Green Oasis consists of three new buildings alongside three converted modernist warehouses, all expected to complete by Q3 2023. The campus meets LEED Gold and WELL Gold standards, as well as the highest standards in sustainability due to more than 5,000 sq m of green space and outside terraces, as well as electric vehicle charging points. The campus, designed by the renowned architectural firm BCA, is located in Barcelona’s innovative [email protected] district, and has excellent transport links that integrate the Barcelona metropolitan area and suburban transport such as the metro, urban bicycles, bus, tram and train.
Antonio Roncero, Head of Transactions Iberia, CBRE Global Investors, commented: “To cater for the increasing demand for best-in-class office space and de-densification, driven by discerning occupier requirements to provide flexible collaborative space, this acquisition perfectly met our investment strategy for smart, amenitised offices with strong ESG credentials. Barcelona is one of the most vibrant markets in Europe and [email protected] one of its most attractive submarkets*, and so we anticipate above-average growth and strong returns** from this asset.”
David Sánchez, CEO of Glenwell Group in Spain and Portugal, said: “Z Green Oasis has been one of our reference projects. This transaction consolidates the group’s objective of maintaining the strategy of developing quality and innovative real estate projects that meet the needs of a dynamic market, which seeks urban integration and value generation in a neighborhood in constant movement such as the [email protected] district. This is a commitment in line with the developments we have been carrying out at Glenwell Group since our arrival in Spain in 2017.”
CBRE Global Investors was advised by Pérez Llorca and Ernst & Young and, in for technical aspects of the deal, by ARQ together with CBRE. Glenwell Group was advised by Savills AN and Garrigues.
*https://www.iberian.property/media/issues/03/files/assets/common/downloads/publication.pdf
** No guarantee of future performance
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
Totalling 15,439 sq m of office space, Z Green Oasis consists of three new buildings alongside three converted modernist warehouses, all expected to complete by Q3 2023. The campus meets LEED Gold and WELL Gold standards, as well as the highest standards in sustainability due to more than 5,000 sq m of green space and outside terraces, as well as electric vehicle charging points. The campus, designed by the renowned architectural firm BCA, is located in Barcelona’s innovative [email protected] district, and has excellent transport links that integrate the Barcelona metropolitan area and suburban transport such as the metro, urban bicycles, bus, tram and train.
Antonio Roncero, Head of Transactions Iberia, CBRE Global Investors, commented: “To cater for the increasing demand for best-in-class office space and de-densification, driven by discerning occupier requirements to provide flexible collaborative space, this acquisition perfectly met our investment strategy for smart, amenitised offices with strong ESG credentials. Barcelona is one of the most vibrant markets in Europe and [email protected] one of its most attractive submarkets*, and so we anticipate above-average growth and strong returns** from this asset.”
David Sánchez, CEO of Glenwell Group in Spain and Portugal, said: “Z Green Oasis has been one of our reference projects. This transaction consolidates the group’s objective of maintaining the strategy of developing quality and innovative real estate projects that meet the needs of a dynamic market, which seeks urban integration and value generation in a neighborhood in constant movement such as the [email protected] district. This is a commitment in line with the developments we have been carrying out at Glenwell Group since our arrival in Spain in 2017.”
CBRE Global Investors was advised by Pérez Llorca and Ernst & Young and, in for technical aspects of the deal, by ARQ together with CBRE. Glenwell Group was advised by Savills AN and Garrigues.
*https://www.iberian.property/media/issues/03/files/assets/common/downloads/publication.pdf
** No guarantee of future performance
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $129.1 billion in assets under management* as of June 30, 2021. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.