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Saturday, December 3, 2022
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Pérez-Llorca advises KanAm on Real Estate sale

Pérez-Llorca has advised German fund manager KanAm on the sale of the Generalitat de Catalunya Justice headquarters to British fund manager Franklin Templeton, on a sale & leaseback deal

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German fund manager KanAm has sold the current Generalitat de Catalunya Justice headquarters, and also headquarters of the Catayunya High Court of Justice Public Prosecutor´s office, located at Calle de Pau Claris 158-160, to the British fund manager Franklin Templeton.

The transaction, according to market sources, has been closed for an amount between €30 and €35 million. The off-market transaction was advised by Savills, KPMG and Pérez-Llorca.

This asset is part of the Pentagon portfolio, a conglomerate of office buildings leased to the Generalitat that KanAm bought from Axa in 2019 and 2021. In 2013, the insurer’s real estate division acquired 13 properties from the Generalitat de Catalunya for €172 million. In an institutional statement made after the closing of the transaction by the Ministry of the Presidency and Government spokesman, Francesc Homs, he pointed out that this operation was a response to the emergency situation that the Administration was experiencing after the bursting of the real estate bubble. The transaction was classified as a sale & leaseback, in which the Administration would remain leased for the next 20 years, paying annual rents amounting to 16.26 million euros.

The sold asset totals 6,200 square metres, just one street away from Paseo de Gracia and very close to Casa Milá.

Pérez-Llorca advised KanAm with a Corporate team comprising partner Javier Muñoz Méndez and lawyer Aurora Vázquez.

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