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KanAm finalises Acquisition of Five Axa Office Buildings in Barcelona for 260 Million Euros

The German fund will pay 260 million euros for five buildings owned by AXA and leased to the Generalitat de Catalunya.

The German fund KanAm will pay 260 million euros to acquire five buildings owned by Axa and leased to the Generalitat de Catalunya in Barcelona. According to El Economista, KanAm will obtain a 3.6% return, equal to an annual rent of 16.26 million.

This portfolio, dubbed Pentagon, was initially composed of 13 properties, of which KanAm bought eight in 2019. These five, for which it will pay 260 million, complete the previous purchase of €100 million.

Specifically, the portfolio consists of the headquarters of the Generalitat’s Department of Education (Via Augusta, 202), the headquarters of the Statistical Institute of Catalonia (Via Laietana, 58), the offices of the Department of Digital Policies and Territory (Aragó, 244), the offices of the Department of Justice (Aragó, 332) and the headquarters of the Department of Climate Action, Food and Rural Agenda (Gran Via, 612).

In total, it paid €360 million for assets that, in 2013, cost Axa €172 million at auction. This is equal to a capital gain of 188 million euros, for a return of more than 109% in eight years.

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