Conren Tramway signs €25m credit facility with CaixaBank

Spanish investment and real estate asset manager Conren Tramway closed a €25 mln green loan with CaixaBank to reposition an office building in Barcelona, Spain.

The financing will be used for the comprehensive refurbishment of the property, in accordance with the principles of sustainability and improving the quality of the workspaces.

The 9,000 m2 corporate building at 206 Provenza Street is arranged over ground and 8 upper floors and is partially leased to the Agència Catalana de Residus (ACR) since 2013.

Originally acquired from Mapfre Vida in 2021, the refurbishment of the P206 building, will begin as soon as the tender is completed and the required licenses are obtained, expected in Q2 2023.

Conren Tramway plans to adapt P206 to the quality requirements of grade A buildings, meeting the highest standards in terms of sustainability and offering services and spaces adapted to new ways of working.

The property will have a unique space designed to foster collaborative work and outdoor areas totaling 300 m2, as well as a micro-mobility area and changing rooms. 

It will feature energy efficiency measures and other solutions that ensure environmental benefits, enabling it to obtain LEED Gold sustainability certification.

The property is in an excellent location, in the heart of the Eixample district, at the junction of Provenza and Muntaner streets, in an area with a limited supply of office properties.

In addition, the building is close to the Provenza and Hospital Clínic train and metro stations, as well as 10 bus lines.

Owned by brothers Jaime Enrique and Paco Hugas, the strategy of the management company is to invest in profitable office buildings in prime and business areas of Madrid and Barcelona, with an annual investment target of €200-300 mln.

Conren Tramway currently has a portfolio of projects under construction totaling 65,000 m2 of office space and 26,000 m2 of residential space, in addition to over 350,000 m2 of projects under development.


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