Generali has closed the second largest real estate transaction of the year in Barcelona by purchasing the building located at Portal de L'Àngel 40 from MedCap Real Estate. The amount of the transaction is between 100 and 105 million euros, financial sources indicate to La Vanguardia .
The acquired building is located in one of the most expensive and crowded areas of Spain, and is striking due to the luminous thermometer that runs along the façade from top to bottom. It has 4,400 square meters and has commercial tenants such as Primor and Casas, as well as the company OneCoWork.
This operation comes after the sale in October by El Corte Inglés of its emblematic building in Portal de l'Àngel for 200 million to the Dutch Redevco and the American Ares.
Generali has bet on the purchase agreed today for a historic mixed-use real estate asset, which in the jargon is known as 'retail high-street'. The property is owned by the De Andrés Puyol family, through the company MedCap Real Estate.
The purchase is made through a Generali subsidiary reserved for professional investors. Its intention is to invest in assets in the most important and resilient European cities in the face of economic uncertainty. This is what has stood out in Barcelona, which has a good international project and a very solid real estate market in high-quality offices and commercial assets.
The building, unlike that of El Corte Inglés, has already been renovated since this year and the three rentals it has are long-term. Since 2016 it has been owned by Portal Retail Venture, a subsidiary of MedCap Real Estate, the company that channels the real estate activities of the De Andrés Puyol family, whose CEO is Dimas de Andrés Puyol.
This family also has an investment presence in the field of renewable energy and is the owner of Albaluz Desarrollos Urbanos, which promotes around 400 homes annually. Its strategy is to buy and manage premium properties with high-quality tenants such as LVMH, Desigual, Audemars Piaget, Pomellato or Ferragamo, among many others.
MedCap's assets are valued at 570 million euros and it has buildings in Madrid, Barcelona, Valencia, Palma de Mallorca, Murcia, Alicante and Frankfurt. In 2021, he acquired a building on the Golden Mile in Frankfurt valued at 115 million. It is also studying operations in the Netherlands, Italy and the United States.
From Spain, Generali Real Estate currently manages a portfolio in Iberia of some 220 properties, including two shopping centers, worth almost 2,000 million euros.
