Hines, the real estate investment, development and management company, has announced that its Hines European Value Fund 3 has signed a forward sale and purchase agreement with Grupo Inmobiliario Sacresa for the acquisition of a licensed hotel tower in Esplugues de Llobregat, near Barcelona.
The property consists of a 21,000 square metre, 100 metre high tower that will house 526 rooms. It will have various communal facilities such as a roof terrace with a swimming pool, study areas, kitchens, a cinema and a gymnasium. In addition, all rooms will have their own terrace. The asset will offer different types of flexible accommodation: studios, shared rooms and one and two-bedroom flats. The project has been designed to meet the needs of a wide audience including students, young professionals and workers at Sant Joan de Déu Hospital.
The tower will form part of the transformation of the Barcelona skyline and is located in the developing area of Porta Diagonal. It is located in Finestrelles, in the municipality of Esplugues de Llobregat, close to the campuses of the Polytechnic University of Catalonia and the University of Barcelona, and the Esade and IESE business schools.
Aparto, the student residences platform owned by Hines, will manage the asset. Once constructed, the building aims to achieve Breeam Excellent and Well Silver certification, guaranteeing compliance with sustainability and wellbeing criteria.
The acquisition consolidates Hines’ commitment in Spain to the Living segment, with expansion expected in the coming years. Hines currently manages, through Aparto, a student residence in 22@, Aparto Pallars, with 743 beds.
The project was designed by the Batlleiroig architecture studio.
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 30 countries, managing nearly $96 billion in high-performing assets across residential, logistics, retail, office, and mixed-use strategies.
Garrigues advised Hines with a Barcelona office team made up of partners Estefanía Iceta and Lluis Cases, together with associates Ferran Ribera and Miquel Pons.
