InmoCaixa, the real estate division of CriteriaCaixa, has completed the purchase of the Estel building, located on Avenida Roma in Barcelona, from international funds Bain Capital and Freo Group, in a transaction valued at approximately €385 million, according to market sources. This represents the most significant office building transaction ever carried out in Barcelona, surpassing previous deals such as the sale of the former Torre Agbar and the Banc Sabadell building on Diagonal Avenue.
The Estel building offers a lettable area of 52,000 square meters, making it the largest office property in Barcelona. Its strategic location at the intersection of Avenida Roma and Calle Mallorca, combined with a comprehensive renovation, positions it as a tertiary complex aimed at fostering an innovation, science, and talent ecosystem in the heart of the city, while also incorporating commercial spaces.
Following the renovation, the building counts AstraZeneca as its main tenant and also hosts leading international and technology companies, with an occupancy rate exceeding 90%. The property holds LEED and WELL Platinum certifications, as well as WiredScore and SmartScore Platinum labels, reflecting high standards in sustainability, efficiency, and digitalization.
In this transaction, InmoCaixa was advised by the consulting firm CBRE. The acquisition is part of CriteriaCaixa’s 2030 Strategic Plan, which seeks to accelerate the transformation of InmoCaixa’s real estate portfolio by divesting certain assets to redirect resources toward properties capable of generating recurring income with higher profitability and potential for appreciation.
The acquisition of the Estel building follows other recent office transactions by InmoCaixa in Barcelona, including the purchase of the Monument building on Gran Vía and a tertiary property on Calle Berlín, strengthening the group’s strategy in the Catalan capital.
With this operation, InmoCaixa continues to consolidate its position as a benchmark in real estate investment in Spain, focusing on high-quality assets that contribute to long-term value creation and the development of innovation ecosystems in Barcelona
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