KanAm Grund Group’s open-ended real estate fund LEADING CITIES INVEST has sold the Pau Claris complex in Barcelona, Spain. The company bought the property in 2019 and was able to sell it at a profit. This is already the fifth transaction for the investment fund since the beginning of the year. Buyer is Franklin Real Asset Advisors on behalf of one of its clients. The parties agreed not to disclose the purchase price.
The office building comprises circa 6,200m², and is situated at Carrer de Pau Claris 158-160, in the heart of Barcelona. It enjoys close proximity to world-renowned Sagrada Família basilica and 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 will reduce the share of Spanish properties in the fund to about 15%. The current focus is on Germany, where the fund’s exposure is about 23%, followed by France (approx. 19 %), Spain and Finland (around 13%).