InmoCaixa buys the Estel building in Barcelona for around 385 million euros

BarcelonaMajor real estate deal in Barcelona. InmoCaixa, the real estate arm of La Caixa bank, has closed a deal to buy the Estel building, the largest office building in the Catalan capital. A significant portion of the building is occupied by the pharmaceutical company AstraZeneca. The purchase, financed by Bain Capital and Freo Group, amounts to approximately €385 million, according to market sources. This is the largest office building transaction ever completed in Barcelona, ​​according to industry sources consulted by ARA. For comparison, the former Torre Agbar sold for around €140 million, and the former Banc Sabadell building at the intersection of Diagonal and Balmes streets for around €90 million. The Estel building has a surface area of ​​52,000 square meters. CBRE advised InmoCaixa on this transaction. Located at the confluence of Roma Avenue and Mallorca Street, the building is a commercial complex, which formerly housed Telefónica and was left unfinished for quite some time after the project to build a hotel failed. It is currently completely renovated and aimed at "boosting an ecosystem of innovation, science, and talent attraction in the heart of Barcelona," according to the press release announcing the transaction. It also boasts a diverse and modern retail offering. Following its recent transformation, Estel's main tenant is AstraZeneca, and it also houses leading international and technology companies, with an occupancy rate exceeding 90%. The building holds LEED and WELL Platinum certifications, as well as WiredScore and SmartScore Platinum ratings. This transaction aligns with the 2030 strategic plan of CriteriaCaixa, the investment arm of the La Caixa Foundation, which aims to accelerate the transformation of InmoCaixa's portfolio and divest a portion to reinvest in potential income-generating assets. This roadmap stipulated that the alternative investment portfolio would include real estate assets for "generating recurring income and with the potential for appreciation," among other objectives.

The operation announced this Friday adds to other previous ones in the Barcelona office segment, such as the purchase of the Monument building, on Gran Via, or that of a property dedicated to the tertiary sector located on Berlin Street.