Investment firms Bain Capital and FREO Group have sold a 52,00sqm office building in Barcelona, Spain to the real estate arm of asset manager CriteriaCaixa.
The renovated Estel Building in central Barcelona has been sold to InmoCaixa for an undisclosed sum.
The sale sets a new record for a single-asset office transaction in Barcelona, marking a successful exit for Bain Capital and Freo following their 2021 acquisition and renovation, the sellers said.
Rafael Coste Campos, partner at Bain Capital, said: “The fundamental transformation of Estel represents our commitment to delivering best-in-class assets, meeting ever-increasing tenant demand, through local management and operational precision.
“We’re proud to have delivered a high-quality, sustainability-led asset with our partners at FREO. This asset demonstrates our ability to deliver fundamental value to our investors through differentiated off-market sourcing, heavy capex programme, successful leasing and optimised exit, navigating a complex market environment.”
Francisco Bello, operating partner at Bain Capital, said: “This sale is the outcome of a full-cycle investment built on vision, partnership and performance. We continue to see opportunity in high-barrier European markets where repositioning and thematic investment can unlock durable value.”
Jorge Gutiérrez, managing director of Freo Group, said: “At Freo Group, we are adding this major project to our track record of asset repositioning projects in Europe, generating significant value for the cities where they are located, the surrounding area and its residents, as well as for the tenants themselves, providing them with properties of the highest quality and services, and always committed to sustainability and technology.”
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