KanAm concluded the purchase of Pentagon portfolio from Axa

KanAm concluded the purchase of Pentagon portfolio from Axa

Calle Aragó, 244, Barcelona

This was the last part of the Pentagon portfolio to be purchased from insurer Axa for 280 million euro and it is constituted by five office buildings in Barcelona, leased to the Generalitat de Catalunya (Government of Catalonia) until 2033.

The buildings host the Generalitat’s education department (Via Augusta, 202), Catalonia’s Statistics Institute headquarters (Via Laietana, 58), agencies from the Digital Policies and Territory department (Aragó, 244), agencies from the Justice department (Aragó, 332) and the headquarters of the Climatic Action, Food and Rural Agenda department (Gran Via, 612).

In 2019, the insurer had sold the other eight assets which formed the Pentagon portfolio to the fund for 100 million euro. In total, KanAm paid 347 million euro and Axa had purchased the portfolio in a tender for 172 million euro. This represents more than 100% in capital gains, plus a gross yearly profit of more than 9% Axa earned for, at least, a further seven years.

In both operations, KanAm has been advised by EY and Pérez-Llorca.

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