Generali Real Estate has closed the purchase of the Portal del Ángel building, 40, in Barcelona. The property was owned by the De Andrés Puyol family and the operation is valued at 100 million euros, as confirmed by different sources to La Información.
Specifically, the building, of mixed use (offices and ‘retail high-street’) with an area of 4,400 square meters, was in the hands of Portal Retail Venture, a subsidiary of MedCap Real Estate, the company that channels the real estate activities of the From Andrés Puyol, whose CEO is Dimas de Andrés Puyol.
The assets of MedCap Real Estate are valued at 570 million euros, with a portfolio of buildings in different Spanish and European capitals such as Madrid, Barcelona, Valencia, Palma de Mallorca, Murcia, Alicante and Frankfurt (Germany).
In 2021, the company acquired a building on the Golden Mile in Frankfurt valued at 115 million. Currently, he studies operations in the Netherlands, Italy and the United States. It also develops an important activity in different countries of Europe and Latin America.
Objective: expand in Europe
The De Andrés Puyol family has a long history in the retail sector for luxury brands in Spain and Germany. He has been the turnkey promoter of some of the “most emblematic” High Street Retail projects in recent years, such as the opening of the Apple, Adidas, Desigual and Louis Vuitton flagship stores in Barcelona, among others. With this sale, MedCap intends to continue expanding its portfolio of real estate assets in Europe.
For its part, Generali Real Estate is one of the world’s leading real estate asset managers, with around 39,000 million euros of assets under management at the end of the third quarter of this year.
In August, the real estate division of the Italian insurance company sold the Torre Cerdà, located at numbers 129-131 of Gran Via de les Corts Catalanes, also in Barcelona. The buyer was Conren Tramway and the transaction was closed for 30 million euros. Months before, he bought an office building at 22@ from the Belgian developer Codic for 35 million euros.
It is a property located at number 104 Pamplona street, known by the name of Step Up and with an approximate area of 4,500 square meters. Savills and BNP Paribas Real Estate were the advisors on the transaction.
