LONDON, Aug. 10, 2022 /PRNewswire/ — King Street Capital Management (“King Street”), a leading global alternative investment firm, and Freo Group (“Freo”), a leading international investment and asset manager, have successfully agreed to sell through a forward sale agreement a new LEED Platinum office complex in Barcelona, Spain.
The 38,000 sqm asset, composed of three buildings, is located in the heart of the 22@ business district, an established sub-market attracting prime tenants looking for modern grade A offices. Large international technology firms have a strong presence in the area, which continues to appeal to a younger, affluent talent pool. The buildings, which are currently under construction, are targeting to be delivered between Q4 2022 and Q1 2023.
As a LEED Platinum certified development, MILE22@ has 57% of water consumption savings and 36% of energy savings, and was designed with rooftop solar panels and sustainable construction materials that are 23% recycled. In addition, its communal gardens, private terraces and views of Barcelona and the Mediterranean Sea are all factors that continue to attract tenants such as large international technology firms, as well as high-caliber talent.
Paul Brennan, Managing Director and Head of European Real Estate at King Street, said: “The sale of this asset underscores King Street’s ability to successfully execute on our build-to-core strategy of developing and leasing sustainable, next-generation workplaces in major European cities”
Oscar de Navas, Managing Director, Freo Group, said: “After four years of active asset management, going through permitting, construction and leasing, we’re really proud to close this successful transaction. 22@ District has been a key submarket for Freo and will continue to be in the future.”
King Street has committed over $4 billion of equity across 60 private real estate transactions since 2010. King Street has been investing in real estate in Spain since 2012. To date, King Street has directly and indirectly invested more than $1 billion of equity into real estate in Spain.
Freo Group has invested over €1 billion in the Spanish real estate market since 2015 and is willing to continue growing in the coming years.
King Street and Freo Group were advised by CBRE, Savills, Uria Menendez and Deloitte
King Street is a global alternatives investment firm founded in 1995 that manages approximately $22 billion in assets across public and private markets. The firm marries rigorous fundamental research with tactical trading and differentiated sourcing capabilities to identify misunderstood and complex investment opportunities across asset classes, up and down the capital structure. For more information, please visit www.kingstreet.com.
Freo is an international real estate investment, development and asset management group established in 1996. With approximately €2 billion of assets under management, Freo is internationally present with offices in Germany, France, UK, Spain and other selected markets in Central and Western Europe. The company employs a team of over 80 highly qualified real estate and finance professionals, experienced in the areas of asset management and leasing, development, debt, equity and transaction structuring and fund management.
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