Investor profits have been crystalized by Stoneweg following the successful development and completion of the landmark Luxa office buildings in the 22@ district, Barcelona.
Luxa is an exclusive and avant-garde office complex at the heart of the 22@ district. There are two independent units within the space, with the silver building covering 13,035 sqm and the golden building with a further 6,835 sqm of executive office space. These are state of the art offices: energy efficient, double-heighted lobbies and a quality of materials used that adds to the grandeur.
This development was initiated in January 2016. A sale agreement was reached a year and a half later, in July 2017, well ahead of the completion of the building in February 2018.
Stoneweg’s investment approach in Spain is a capital gain orientated strategy targeting a net IRR at project level of 15% – 20% and executing transactions within both residential (2/3) and opportunistic projects (1/3). By the end of quarter-one 2018, €640 million had been invested within Spanish development over 37 transactions, with 5 successfully completed exits.
The 22@ district in Barcelona is a key investment center for Stoneweg given the implementation of a new economic model attracting innovative companies, co-existing in the same physical areas with research, training and tech transfer centers. Key tenants for the Luxa complex include Amazon and WeWork; cutting edge companies that demand the highest of standards.
This district attracts both a strong tenant mix, as well as, a highly skilled and talented employment base; demand drivers and demographics provide the backdrop for generating an interest in investment, however, at Stoneweg, project selection and execution is always driven by a bottom-up process based on the individual opportunity.
We are delighted to present to you 22@ Luxa, another successfully executed investment and a milestone for Stoneweg’s investors in Spain.