London, England, 4 August 2020 – Cain International, the privately held real estate investment firm operating in Europe and the United States, together with its partner FREO Group, has agreed a €23 million finance facility with CaixaBank, one of the leading financial groups in Spain, for the development of Diagrame, a 15,000 sq m office development in Barcelona’s District 22@, having recently secured planning consent for the project.
Cain International first acquired the development project in late 2018 as a part of its expansion into Europe, having recognised the site’s potential to create value through the ongoing transition of District 22@ from an industrial area to the largest scientific, technological and cultural hub in Barcelona, alongside increasingly attractive yields and rents being achieved in Barcelona’s office market. Since then, it has completed the land aggregation for the two adjacent plots to enable full planning consent and work to commence on site in July 2020.
Upon completion in late 2021, tenants will benefit from premium amenities, including two spacious terrace gardens, changing rooms, private parking spaces for both electric and regular vehicles, dedicated parking for bicycles, and multipurpose meeting space where a variety of workshops, talks and events will be organized for the building’s community. Diagrame will be built to the highest standards of sustainability and energy efficiency, guaranteeing a LEED Platinum certification, to provide five floors of open plan office accommodation with natural light, high quality thermal comfort controls and smart sensors.
Located at Calle Pere IV 109-113, Diagrame benefits from close proximity to a wide selection of services, public transport, restaurants and shops, as well as easy access to residential areas and the city’s attractions such as the Mar Bella beach.
Elecnor has been appointed as the main contractor while CBRE and Savills Aguirre Newman are the appointed lettings agents.
Liam Le Roux, Head of European Asset Management at Cain International, said: “The increasing popularity of Barcelona as a city to live, work and play has created a supply and demand imbalance that has seen highly attractive yields and rents being achieved in the office market. Located in the heart of the 22@ District where tenants include in Facebook, Microsoft and Amazon, Diagrame will provide 15,000 sq m of best-in-class open and sustainable office space and amenities. Looking ahead, we anticipate significant demand for this type of well-located and high-quality space in gateway cities from occupiers who are looking to prioritise the health and wellbeing of their staff in light of the recent pandemic.”
Daniel Mayans CEO at FREO Group Spain, said: “FREO continues to be the partner and asset manager of choice in many key projects such as Diagrame. Our main objective is to provide a quality service in accordance with the expectations of our partners in Spain and we look forward to the realization of this exciting office development.”