DLA Piper has advised Generali Real Estate, through its Spanish subsidiary GRE Barcelona Retail, on the acquisition of an office building in Portal de l’Àngel, 40, Barcelona. The building has a total built area of 4,400 sqm and is located in one of the most attractive areas for real estate investment in the Catalan capital.
The Portal del Ángel building 40 has been acquired for an amount of around €105 million euros, as sources from the real estate sector informed Europa Press.
It is a historic building that since 2016 was owned by Portal Retail Venture, a subsidiary of MedCap Real Estate, the company that channels the real estate activities of the De Andrés Puyol family and whose CEO is Dimas de Andrés Puyol.
The property is fully occupied by three long-term tenants – Casas, Primor and OneCoWork – and occupies some 4,400 square metres, fully refurbished in 2022.
Generali Real Estate said the acquisition is “fully aligned” with its strategy of investing in assets in Europe’s most important and resilient cities, it said in a statement. It added that “thanks to a very strong real estate market, especially for high-quality office and retail assets, Barcelona is definitely one of the target cities” for its investment strategy.
The DLA Piper team advising on the transaction was led by Orson Alcocer, partner head of Real Estate, together with Adolfo Navarrete and Alejandro Márquez, senior associate and associate of the same department, and Miguel Baz, partner head of Tax, together with counsel María Alonso and associate Alberto Lobato.
According to Orson Alcocer, “it has been very satisfying for us to advise Generali on this important real estate transaction, located in one of the most competitive areas for investment in Barcelona at present, and which will undoubtedly become an important asset for our client”.