US privately-held developer-investor Hines has agreed to acquire a 21,000 m2 high-rise hotel and residential building to be developed in Barcelona’s Esplugues de Llobregat area from local developer Sacresa.
Although financial details were not disclosed, the Spanish press puts the deal price at between €85 mln and €90 mln.
The acquisition was made through Hines European Value Fund 3 and represents the fund’s first investment in Spain.
Located in Finestrelles, in the municipality of Esplugues de Llobregat, near the campuses of the Polytechnic University of Catalonia and the University of Barcelona, as well as the Esade and IESE business schools, the property will consist of a 100-metre high tower of 21,000 m2 which is planned to house flexible accommodation comprising studios, shared rooms and one and two-bedroom flats, all designed for stays of various lengths, for a total of 526 rooms.
The project will have various common facilities such as a rooftop with a swimming pool, study areas, kitchens, a cinema and a gym. It has been designed to meet the needs of a broad audience that includes students, young professionals and workers at Hospital Sant Joan de Déu.
Aparto, the Hines-owned student housing platform, will manage the asset. Once built, the building aspires to achieve the Breeam Excellent and Well Silver certifications.
The acquisition consolidates Hines' commitment to the Living segment in Spain, where the firm plans to grow in the future.
'With this acquisition, we maintain our commitment to the Living room sector and to metropolitan Barcelona,' said Vanessa Gelado, senior managing director and country head of Hines in Spain. 'We have detected that investment, both national and international, is increasing and we like the chosen location, which has a strong demand for quality accommodation from students and young professionals.'