(BARCELONA) – Henderson Park, the pan-European private equity real estate firm, and Hines, the international real estate firm, announce that they have sold, through a $36.2 million forward funding agreement, the Carrer Veneçuela 108 development in Barcelona’s 22@ innovation district, to Perial Asset Management.
Henderson Park and Hines acquired the site in 2018 as part of their purchase of a larger land plot on which they are also constructing a 750-bed purpose-built student accommodation. The sale follows the signing in September 2019 of a 15-year prelease agreement with the Toulouse Business School to build it a new Spanish headquarters.
Construction of the over 93,000-square-foot building commenced in July this year and with delivery to the Toulouse Business School expected by mid-2022. The 10-story building, which will have capacity for around 1,000 students, has been designed with the highest quality assurance standards, targeting a LEED Gold or Platinum and WELL certification. Hines will remain as the delegated developer until completion of the building.
Located between street Cristóbal de Moura and Avenida Diagonal next to the new ‘aparto Diagonal Mar’ student residences which Henderson Park and Hines are constructing and expecting to deliver in time for the 2022/23 academic year, the site benefits from a prominent position in Barcelona’s 22@ district and is just 15 minutes’ walk from nearby university campuses. 22@ is one of the key innovation districts in Europe and is already noted for its excellent connectivity with the rest of Barcelona and the city center, as well as a number of successful regeneration projects that are already underway or have recently been delivered.
Nick Weber, Founding Partner of Henderson Park, said: “Having reached an agreement to bring the Toulouse Business School to a new purpose-built facility on this site, and with construction of the project underway, this sale allows us to recycle capital for our clients and exit this portion of our investment to a long-term investor. This prestigious new educational facility further contributes to the regeneration of the area into one of Europe’s leading innovation centers is also the perfect complement to our aparto del Mar student housing project on the same site. We will now focus our attention on delivering these residences in time for the 2022/23 academic year together with Hines. Our ‘living’ focused residential strategy has been one of our conviction calls over the past few years and we expect our investments to continue to perform well in the current environment, underpinned by strong structural drivers and disciplined underwriting.”
Vanessa Gelado, director of Hines in Spain, pointed out that: “This operation demonstrates the appetite for investment in the Spanish real estate market despite the impact of COVID-19. With this agreement, we are consolidating the development and construction of the future TBS headquarters in 22@, a project that will contribute to the positioning of the district as one of the largest innovation hubs in Europe and where we are a leading developer with over 75,000 sqm of projects underway.”
The international real estate consultant JLL and legal firm Garrigues have advised Henderson Park and Hines on the sale and marketing of the property. Perial Asset Management was advised by Savills IM and Ashurst.
About Henderson Park
Henderson Park is a pan-European private equity real estate manager based in London. The firm has invested approximately $10 billion in building a portfolio of iconic real estate assets across Europe, with exposure to the gateway and capital cities of the United Kingdom, France, Spain, Germany, Ireland, Greece, Poland and Portugal. Henderson Park seeks high-quality assets in prime locations where it can identify potential to unlock or create value through asset management, or by taking on and working through complex situations. The firm’s current portfolio spans over 17 million sq ft and is diversified across the office, logistics, multifamily, student housing, hotel and retail sectors, including a number of active development projects. Henderson Park strives to work with and create long-term strategic relationships with best in class local partners. Henderson Park is led by Nick Weber, its Founding Partner and CEO.
Henderson Park is a signatory of the UN PRI.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as an investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world.
Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 55 cities in 13 countries, with €22.7 billion of assets under management, including €19.8 billion for which Hines serves as an investment manager and €2.9 billion for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Visit www.hines.com for more information.