Benson Elliot has agreed the sale of Parc Glories, its landmark office development in the Diagonal-Glories sub-market of Barcelona, to listed Spanish property company Inmobiliaria Colonial. Following Benson Elliot's July 2015 sale of its Cornerstone development (in Poblenou) to UBS Asset Management's Global Real Estate business, the sale of Parc Glories takes the total end value of Benson Elliot's Barcelona disposals to c. €200 million over the course of 12 months.
Parc Glories is fully designed and permitted, and the project is expected to break ground imminently. Delivery of the 17 floor, 24,543 sqm, Battle & Roig designed building is expected in late 2018. On completion it will provide column-free floors of up to 1,800 sqm in the heart of Barcelona's newest and most modern business district, adjacent to Plaza de las Glorias and abutting Barcelona's famed Diagonal.
Benson Elliot Senior Partner, said: "Benson Elliot made an early move into the recovering Barcelona market, with a focus on prime offices in Poblenou. That move continues to pay off for our investors. We have an ongoing investment programme in Barcelona, but aren't averse to crystalising the value we've created when the opportunity presents itself. We couldn't think of a better organisation to take this project forward than Colonial."
During its ownership, Benson Elliot worked with local partner Urban Input to design and permit the building. In addition to providing what is expected to be the highest quality office space in Barcelona, Parc Glories will set new standards in sustainability, targeting the first LEED Platinum qualification in Barcelona.