KanAm secures prime office portfolio in Barcelona

The KanAm Grund Group's Leading Cities Invest (LCI) fund has bought a portfolio of five office buildings in the centre of Barcelona from a vehicle managed by AXA IM Alts.

Financial details were not disclosed.

All properties are currently occupied by Catalonia's local government, the Generalitat de Cataluña, and are rented on a long-term basis.

However, KanAm noted that the properties are situated in city centre of Barcelona and would be likely to attract a wide variety of occupiers in the longer term. Alternative future uses include residential, leisure, hotel and retail units.

AXA IM Alts acquired the buildings, on behalf of clients, as part of a portfolio of 13 buildings let to the Generalitat de Cataluña in 2013. 

Since acquisition, AXA IM Alts’ local team said it had undertaken a range of active asset management initiatives across the portfolio, including refurbishment programmes agreed with the tenant to improve the asset quality and occupier experience, as well as well as enhancing the sustainability credentials of the buildings.

Property 1 (Gran Via 612-614) is located in the heart of the city centre, in the L’Eixample district - a consolidated, first-class office, business, residential and tourism district in the center of Barcelona. The property was the former Pirelli headquarters. Property 2 (Aragó 330-332) is also located in the L’Eixample district.

Property 3 (Aragó 244-248) is also in the L’Eixample district and was established as the former Spanish Nestlé headquarters. Property 4 (Via Laietana 60) is located in the historic city centre - the so-called Gothic Quarter of Barcelona, which stretches from La Rambla to Via Laietana. The facade is listed.
Property 5 (Via Laietana 58) is also in the Gothic Quarter, and also has a listed facade.

After this transaction, LCI expands to 39 properties at 25 locations in 10 countries in Europe and the USA. Independent rating agency Scope ranks the fund as an + (AIF) and expects an above-average return compared to its peers.


Latest news

Best read stories