22@ monopolizes the Barcelona office scene
Three quiet years have passed since the Generalitat de Catalunya Justice department made a strategic move with its Madrid Avenue headquarters, a property later echoed in Barcelona’s financial orbit. The building, located near important city corridors, joined a portfolio controlled by a German fund manager. The deal was rumored to close within a range of several tens of millions of euros, highlighting a market where institutional investors constantly reassess value and risk. That information comes from a trusted regional newspaper and notes that the operation was market-listed, with Savills presenting the proposal and advisory work also involving KPMG and the law firm Pérez-Llorca. [Citation: El Períodico de España]
This asset forms a key part of a larger set of offices leased to the Generalitat, a collection acquired by KanAm from Axa in two stages. The 2013 purchase of a 13-property portfolio by the insurance group’s real estate unit marked a turning point, as the administration faced the real estate consequences of an unbalanced market. The government described the transaction as a sale and leaseback, enabling the administration to stay within the lease for twenty more years, with annual rent around 16.26 million euros. This arrangement offered immediate liquidity while maintaining continuity in public services. [Citation: El Períodico de España]
Six years later, Axa signaled a shift and transferred eight properties to KanAm for roughly 100 million euros. By 2021, KanAm had acquired the remaining five buildings for 280 million, bringing the total to 380 million euros for a portfolio originally bought by Axa for 172 million in 2013. With three years having passed since the initial batch, KanAm began reasserting its position in Barcelona. Unlike many deals that unfold through competitive rounds, this showing featured a direct negotiation between buyer and seller, streamlining the path to completion. The fund, KanAm Grund Group Leanding Cities Invest, holds five assets in the city: three in the Eixample district and two in the Gothic Quarter, all under lease to the Generalitat. After the closing, Spain’s stake in the vehicle stood at 15 percent. [Citation: El Períodico de España]
The property on the market spans 6,200 square meters, situated one block from Paseo de Gracia and within a stone’s throw of Casa Milà. Market sources describe the asking price as aligned with current valuations. The existing contract with Barcelona’s highest governmental authority remains in force through 2033, and it contributes to a modest price premium for the sale. Industry data from Brainsre places the regional average at about €4,250 per square meter, while the buyer, Franklin Real Estate Advisors, is reported to have paid somewhere in the €4,838 to €5,645 per square meter range. [Citation: Brainsre]
22@ dominates the Barcelona office market
Over the past two years, the 22@ district has taken center stage in Barcelona’s office market news. Conceived in 2000 to transform 200 hectares of former industrial land in the Poble Nou neighborhood into a modern hub of business innovation, the area has surged in prominence. Since 2015, investment in 22@ has reached multi-billion figures, representing a substantial share of the city’s total office sector investments. The district features iconic properties such as the Gloriés Tower, owned by Merlin Properties, and the Gloriès Shopping Center, managed by URW, a company known for a portfolio of prime retail and office assets. [Citation: El Períodico de España]