KanAm Grund re-enters Spain with Barcelona portfolio deal

German asset manager KanAm Grund Group is believed to have re-entered the Spanish market with the acquisition of a portfolio of eight government-let office buildings in central Barcelona in a deal valued at just under €100 mln.

The transaction, which is being brokered by agent Savills Aguirre Newman, is understood to mark KanAm Grund Group's return to Spain after an absence of over 10 years.

It involves a total of 35,000 m2 of space entirely leased to the regional government, la Generalitat de Catalunya, on long term leases.

The package is part of a larger 13-property strong portfolio bought by landlord AXA back in 2013 in a sale-and-leaseback deal worth €172 mln. At the time, rental income for the entire portfolio totalled around €16.2 mln annually. AXA has retained ownership of the remaining buildings.

KanAm Grund Group is believed to be making the acquisition for several of its funds.

The portfolio comprises the Institut Obert de Catalunya, the Territorial Judicial Archive of Barcelona, the headquarters of the General Directorate for Language Policy, and the Employment Office on Calle Doctor Joaquim Pou. Other properties included in the deal are the Department of Justice building; the Citizen Service Office, the General Subdirectorate for Initial Employment Authorizations and the headquarters of the Institut Català de les Dones (ICD).

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