On the 1st of August 2022, Generali Real Estate completed the sale of Torre Cerdá building in Barcelona to Spanish real estate group Conren Tramway.
The Torre Cerdá building is located at numbers 129-131 Gran Via de les Corts Catalanes in Barcelona, one of the main access points to the city and connecting the city center with the airport. It has a gross leasable area (GLA) of 8,606 square meters distributed over 13 floors above ground and more than 100 parking spaces, and is leased to first class tenants.
The sale of Torre Cerdá is part of the company’s action plan for 2022, a year in which it has carried out several transactions of great relevance in the market, such as the purchase a few months ago of an office asset in Barcelona in the 22@ district, as part of the asset rotation strategy to continue growing in the real estate market.
Conren Tramway is a Spanish real estate company specializing in the office building segment in all its forms, from development to the purchase of profitable buildings. In addition, it also invests selectively in mixed-use developments and unique residential projects. The firm currently has an investment portfolio of 1.5 billion euros and is in the development phase of 350,000 square meters.
The acquisition of Torre Cerdá is the third investment by the institutional fund managed by CT and focused on the Madrid and Barcelona office markets, following the purchases of Diagonal 490 and Provenza 206. Over the coming months, Conren Tramway plans to undertake the repositioning of the Tower to adapt it to the current requirements of office users.
The transaction has been advised by CBRE and Savills on the selling side, together with Pérez-Llorca as legal counsel. The buyer, Conren Tramway, has been advised by the law firm Osborne Clarke and Deerns Engineering.