Generali Real Estate has completed the acquisition of Portal del Angel, 40 building, a historical office and high-street asset in Barcelona, on behalf of the Generali Core High Street Retail Fund (GCHSR).
The seller of the asset is a subsidiary of the de Andres Puyol family, Medcap Real Estate. Financial details were kept confidential.
Portal del Angel, 40 is a high-quality, fully refurbished mixed use asset, comprising about 4,400 m2 (GLA). The building was completely renovated in 2022 by Medcap Real Estate with excellent technical, environmental and sustainability specifications, reaching BREEAM In-Use ‘Very Good’ certification. The asset is fully let to three tenants with long-term lease contracts.
The acquisition is fully in line with Generali Real Estate’s strategy of investing in prime assets in the most important and resilient European cities, the buyer said. Generali Real Estate currently manages a portfolio in Iberia worth more than €2 bn.
