German investment and asset manager KanAm Grund has purchased eight office properties in Barcelona, Spain, from AXA Real Estate.
The French investment group sold the portfolio for around €100 mln, according to Spanish media reports.
All the buildings are occupied by the regional government of Catalonia, on 20-year leases. They are located in the central business district or the city centre of Barcelona, and comprise around 105,000 m2.
AXA purchased the buildings in 2013 as part of a portfolio of 13 office assets, which the cash-strapped government was keen to divest, to help it resolve financial difficulties stemming from the Global Financial Crisis.
At the time, rental income for the entire portfolio totalled around €16.2 mln annually. AXA has retained ownership of the remaining buildings.
The portfolio comprises the Institut Obert de Catalunya, the Territorial Judicial Archive of Barcelona, the headquarters of the General Directorate for Language Policy, and the Employment Office on Calle Doctor Joaquim Pou. Other properties included in the deal are the Department of Justice building; the Citizen Service Office, the General Subdirectorate for Initial Employment Authorizations and the headquarters of the Institut Català de les Dones (ICD).
