Hines and UDIN Join Forces to Spearhead the Regeneration of the 22@ District in Barcelona

With this agreement, Hines accumulates 75,000 square meters of development projects in the 22@ district, becoming one of the main developers in the city's most promising innovation district

(MADRID) – Hines, the international real estate firm, has announced an agreement with UDIN to develop a site that will include offices and potentially other commercial uses in the 22@ district of Barcelona, Spain. The site, which has permission to build up to 30,770 square meters of space and occupies almost an entire city block of more than 8,000 square meters, is set to lead the urban regeneration of this dynamic part of the city.

Strategically located in Cristóbal de Moura, the future green axis of the area, the aspiration is to build a cutting-edge project, divided into several buildings offering modern flexible space. The project will be designed with the future needs of the workplace in mind and with the aim of obtaining the highest environmental, wellness and connectivity certificates.

This project is in addition to those already being developed by Hines in the 22@ district, which include two student residence complexes offering 1,100 beds, an international business school and an additional office building. These transactions consolidate the international real estate firm as one of the main developers of the 22@ district, an area that is already one of the most important innovation hubs in the country and is home to the headquarters of companies such as Amazon, eBay and Glovo.

Lars Huber, CEO of Hines Europe, said: "We are very pleased to be investing in the 22@ district, one of Europe’s most exciting regeneration projects. Across Europe and the world, Hines has a strong track record of delivering major urban regeneration schemes, and we will be bringing our international expertise to this dynamic new area of Barcelona. This agreement further consolidates Hines' presence in Spain and complements our existing assets in Barcelona where our projects amount to over 118,000 square meters of GLA, and where we see great long-term potential for growth.”

Vanessa Gelado, senior managing director and Hines Spain country head, said: "This asset is located in a strategically important area of the city, which will become an exciting hub for innovation with the international business school and other innovative organisations moving into the area, alongside a growing student population. Hines has been a strong advocate and investor in this area of Barcelona for more than 25 years, when the firm first launched the mixed-use, master-planned Diagonal Mar development. We are looking forward to working with partners to once again shape its long-term future and to create an innovative, sustainable and future-focused 22@ district.”

Hines was advised by Cushman & Wakefield and Garrigues, while UDIN was represented by Banca March as financial advisor on the transaction.

Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 47 cities in 12 countries, with €18.2 billion of assets under management in Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.