KanAm Grund Group’s open-ended real estate fund Leading Cities Invest has sold the Pau Claris office building in Barcelona, Spain.
Buyer is Franklin Real Asset Advisors on behalf of one of its clients. The parties agreed not to disclose the price of the deal.
”The company bought the property in 2019 and was able to sell it at a profit,” said KanAm in a press release.
The office building comprises around 6,200 square meters. It is situated at Carrer de Pau Claris 158-160, in the heart of Barcelona, in the same district as the world-renowned Sagrada Família basilica and within just one block of Passeig de Gràcia, one of the city’s main commercial and touristic streets. There are many office complexes, residential buildings, shops, hotels and restaurants in the neighborhood.
The building is let under a long-term lease to the Generalitat de Catalunya, the political administrative institution of the region of Catalonia.
The disposal of Pau Claris office building will reduce the share of Spanish properties in the fund to about 15 percent. The current focus is on Germany, where the fund’s exposure is about 23 percent, followed by France (approx. 19 percent), Spain and Finland (around 13 percent).
