10.08.2021

LEADING CITIES INVEST buys a portfolio of five office buildings in the center of Barcelona

  • Let long-term to Generalitat de Catalunya, Regional Government of Catalonia
  • Excellent, inner-city locations in the Catalan metropolis
  • Scope: The fund has the best real estate portfolio within the commercial real estate funds - grade a+ (AIF) was confirmed

LEADING CITIES INVEST has bought a portfolio of five office buildings in the center of Barcelona. All properties are occupied by the Generalitat de Catalunya and are rented on a long-term basis. The Generalitat comprises the political institutions of Catalonia responsible for the administration of the autonomous community. The properties are situated in the city center of Barcelona and thus will attract a wide variety of occupiers in the longer term. Alternative future uses include residential, leisure, hotel and retail units. The assets were acquired from a vehicle managed by a global investment manager. The parties agreed not to disclose the price.
 
The LEADING CITIES INVEST is mainly invested in properties that are used as an office. After the purchase in Barcelona, the real estate portfolio of the LEADING CITIES INVEST is spread over 39 properties at 25 locations in ten countries in Europe and the USA. According to the current assessment of the independent rating agency Scope, LEADING CITIES INVEST has - as in the previous year - the best real estate portfolio within the commercial real estate funds. In contrast to the industry average, the LEADING CITIES INVEST was even able to slightly improve the valuation of its real estate portfolio compared to the previous year, according to Scope. This makes it one of only four open-ended real estate funds that were rated a+ (AIF). Due to the existing portfolio allocation, Scope expects a return above the average of the peer group for the LEADING CITIES INVEST in 2021 as well. Scope upgraded the asset management rating of the KanAm Grund Group in the real estate segment from AA- (AMR) to AA (AMR).
 
Property 1 (Gran Via 612-614) is located in the heart of the city center, in the L’Eixample district - a consolidated, first-class office, business, residential and tourism district in the center of Barcelona. The property was the former Pirelli headquarters. 
 
Property 2 (Aragó 330-332) is also located in the L’Eixample district.
 
Property 3 (Aragó 244-248) is also located in the L’Eixample district and was established as the former Spanish Nestlé headquarters.
 
Property 4 (Via Laietana 60) is located in the historic city center - the so-called Gothic Quarter of Barcelona, which stretches from La Rambla to Via Laietana. The Gothic Quarter is the oldest part of the Catalan capital with centuries-old houses, some even from before the Middle Ages. Nowadays there is a large number of offices in this part of the city. The facade is a listed building. 
 
Property 5 (Via Laietana 58) is also located in the Gothic Quarter. The facade is also a listed building.
 
All the properties were continuously modernized.

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