Generali Real Estate has completed the acquisition of the Step Up office building
in Barcelona, from CODIC Group. The building has been acquired on behalf of the panEuropean fund Generali Europe Income Holding (GEIH), managed by Generali Real Estate S.p.A Società di gestione del risparmio.
The asset is a newly built office building, located in Carrer de Pamplona 104, in the prime
core area of Barcelona 22@ district. This is one of the most innovative and high-tech
districts in Europe and the main and fast-growing destination in Barcelona, sought-after by
Spanish and international companies for their offices, but also hosting universities,
residences, as well as rich cultural and leisure opportunities.
Step Up comprises around 4,500 sqm of rental space (GLA) spread over 5 floors topped
by a rooftop terrace, and 2 underground floors.
The building has achieved the LEED Gold certification, thanks to state-of-the-art
sustainability features and fully flexible office spaces designed around the occupants’
wellbeing. It hosts the Spanish headquarters of Payfit.
The acquisition of Step Up is fully in line with Generali Real Estate’s strategy of investing
in prime office assets in the most dynamic and resilient European cities, and demonstrates
the company’s interest towards the Spanish real estate market. From Spain, Generali Real
Estate currently manages a portfolio in Iberia of about 220 properties, including 2 shopping
centers, worth more than € 1,8 bn.
Generali Real Estate has been advised by Pérez Llorca, Arup and Cushman & Wakefield.
Pérez-Llorca advised Generali Real Estate with a team formed by Corporate partner Fausto Romero-Miura, Tax partner José Ramón Vizcaíno, Corporate lawyers Eva del Amo and Diego Peral, along with Tax lawyer Paulino González-Fierro.