Savills advises Merlin properties on acquisition of Torre Gloriés, Barcelona's Gherkin

International real estate advisor Savills has advised Merlin Properties, the largest real estate company trading on the Spanish Stock Exchange, on the acquisition of the iconic building Torre Gloriés in Barcelona for €142million.  The vendor was AGBAR.

Located at 211 Avenida Diagonal, Torre Gloriés, built in 2005, was designed by architects Jean Nouvel and Fermín Vázquez. Since then, it has become a symbol of  Barcelona’s creative character and it is the gateway to the 22@, the city’s technological and innovation district, where the number of leasing deals has doubled in the last two years. The tower is the third highest building in Barcelona at 142m high and comprises 37,614 sq m over 34 floors. It includes an auditorium with more than 350 seats and 300 parking places.

According to Savills research, total office supply in Barcelona has decreased by circa 30% since 2013 and  the current vacancy rate is 10%. Rental level in Barcelona’s prime CBD last year were up 7% yoy and average rents are expected to rise by 5% in coming years.

Arturo Díaz, CEO Savills Barcelona, comments: “This is an extremely significant transaction for Barcelona’s office market and it represents the increasing investor appetite for the city’s trophy assets. Through the acquisition of Torre Gloriés, Merlin Properties identified an opportunity to create value and increase their presence in Spain’s second city. Torre Gloriés perfectly compliments their portfolio.”