Kanam Grund Group’s open-ended real estate fund Leading Cities Invest has sold the Pau Claris office complex in Barcelona, marking the fifth transaction for the vehicle so far this year.
The 6,200 m2 property was sold to Franklin Real Asset Advisors on behalf of one of its clients. The parties agreed not to disclose the price of the deal, but Kanam said it was able to sell the asset, which it acquired in 2019, at a profit.
The office building is situated at Carrer de Pau Claris 158-160, in the heart of Barcelona and in the same district as the famous Sagrada Família basilica. It is let on a long-term lease to the Generalitat de Catalunya, the political administrative institution of the region of Catalonia.
The disposal of Pau Claris will reduce the share of Spanish properties in Leading Cities Invest to about 15%, leaving five Barcelona office properties in the fund: three in the L’Eixample district and two in the Gothic Quarter. All properties are let on a long-term lease to the Generalitat de Catalunya.
The fund’s current focus is on Germany, where its exposure is about 23%, followed by France (around 19%), Spain and Finland (around 13%).
The Barcelona sale is its fifth transaction since the start of the year. Following the sale, the portfolio will comprise 41 properties in 11 countries.
Kanam Grund was advised on the Barcelona deal by Pérez-Llorca and KPMG for legal and tax/financial issues respectively. Savills assisted as broker in the transaction.
