Generali buys a mixed-use building in Portal de l'Àngel for more than €100M

Generali buys a mixed-use building in Portal de l'Àngel for more than €100M

Portal de l'Àngel stages another major retail operation

The real estate branch of the insurance company Generali has bought a building at number 40 Portal de l'Àngel, one of the most sought-after streets in Barcelona, from the De Andrés Puyol family. Market sources value the operation at just over 100 million euros, making it one of the largest retail transactions of the year following the acquisition by Redevco and Ares of the El Corte Inglés centre on the same street in Barcelona.

This asset has been part of the portfolio of Medcap Real Estate, a subsidiary of the De Andrés Puyol family, since 2016 and is leased under long-term contracts to Primor, the coworking company OneCoWork and Casas. The building, which will be fully refurbished in 2022, is a mixed-use office and retail asset, with approximately 4,400 square metres of floor space.

Until last year, Portal de l'Angel was considered the most expensive shopping street in Spain, but this year Paseo de Gracia has overtaken it, according to the latest edition of the "Main Street Across the World ranking" compiled by Cushman&Wakefield for the first time since 2019.

This transaction is in line with Generali Real Estate's strategy of investing in prime assets located in major European cities. The insurer has a portfolio of some 220 properties in Spain and Portugal, including two shopping centres, worth around 2,000 million euros. In the last five years it has closed purchases for more than 800 million, including two operations in Barcelona, this building and another at 104 Pamplona Street.

Medcap Real Estate, for its part, has a portfolio of assets with a net value of more than 600 million euros and properties in six Spanish cities (Madrid, Barcelona, Valencia, Palma de Mallorca, Alicante and Murcia) and in Germany.

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