Hines European Core Fund - HECF

Diagonal Vertical – Barcelona, Spain

The acquisition of this meticulously restored, iconic trophy office building in the heart of Barcelona's Central Business District is part of our visionary strategy to elevate environmental, social, and governance (ESG) standards to new heights. Our goal is to transform this property into Spain's most sustainable high-rise, setting a new benchmark for excellence in sustainability.

Description

HECF acquired Diagonal Vertical in 2021 in an off-market transaction under a short sale-and-leaseback from Banco Sabadell. Built in 1969, this trophy asset was last refurbished in 2007.

Following the vacancy of c. 8000 sqm of the property and as part of the Fund’s active value creation strategy, comprehensive refurbishments commenced with the intention to reposition Diagonal Vertical as a next-generation, Grade-A multi-tenant asset. The strategy targets best-in-class ESG and sustainability standards with renovations of the building façade, creation of common areas, renewal of mechanical, electrical, and plumbing equipment, and adaptation of the floorplates to modern market standards. Diagonal Vertical is being positioned to achieve the highest rent per square metre in the Barcelona CBD, while also becoming the most sustainable high-rise office building in Spain¹.

HECF expects this iconic office asset to be a benchmark for the next generation of experiential office space. Diagonal Vertical offers a modern and flexible 24-hour work and leisure environment, is ideally situated in a prime location, and is intended to ultimately be transformed into a Smart Building.