InmoCaixa buys the Estel building: the largest office operation in Barcelona's history

InmoCaixa, the real estate subsidiary of CriteriaCaixa, has acquired the Estel office building, in the center of Barcelona, and is the protagonist of the first major real estate operation of the year, as well as the most relevant transaction in the office sector ever recorded in the city for a single asset. The operation has been structured in an off market format and has had the advice of CBRE.

Until now owned by Bain Capital and FREO Group, the sale culminates the process of comprehensive reform and transformation of one of Barcelona's most emblematic properties, which today has consolidated itself as a reference office complex on a European scale, both for its quality and its sustainability criteria.

With an area of 52,000 square meters, the Estel building has an occupancy level of over 90%, with AstraZeneca as its main tenant. The British pharmaceutical company announced in January 2024 that it would locate the AstraZeneca Global Hub in Barcelona in Estel, which opened in November 2025.

The hub represents a long-term strategic commitment by the company, with a minimum expected permanence of a decade, according to sector sources. Its mission is to accelerate the development of new treatments through advanced technologies, with the aim of contributing to the launch of 20 new medicines before 2030 in areas such as oncology, cardiovascular, renal and metabolic diseases, respiratory and immunological diseases, as well as rare diseases, vaccines and immunotherapies. Since 2023, the Barcelona hub has promoted 387 R&D projects and more than 190 clinical trials.

In addition to AstraZeneca, the building houses leading technological and international companies, which, according to real estate experts, reinforces the nature of the operation as a "conservative profitability" investment, based on recurring income, stability and quality occupancy.

The property has LEED and WELL Platinum certifications, as well as WiredScore and SmartScore Platinum seals, which certify its high standards in sustainability, well-being, connectivity and digitalization.

According to Rafael Coste Campos, partner at Bain Capital, "we are proud to have delivered a high-quality and sustainability-oriented asset together with our partners at FREO. This project demonstrates our ability to generate value through off-market acquisitions, an ambitious investment program, successful commercialization, and optimized asset rotation, in a complex market environment."

CBRE closes the circle on the Estel building

CBRE has played a key role in the recent trajectory of the Estel building. The consultancy advised on its acquisition in 2021 and has accompanied all phases of the project, from comprehensive rehabilitation to operational management and commercialization. Now, it culminates this journey with exclusive advice to InmoCaixa on the purchase of the asset.

CBRE, which has been part "of this success story from the very beginning," bet on the asset "when few believed in its potential." According to Xavier Güell, executive director and CEO of CBRE in Barcelona, "we contributed to turning it into a first-class business hub and facilitated the arrival of AstraZeneca and other tenants, reaching an occupancy rate of over 90%. Today we close the circle with the largest office operation in Barcelona's history."

The operation is part of a context of strong dynamism in the Catalan real estate market. According to CBRE data, Catalonia closed 2025 with 3,472 million euros invested, 41% more than the previous year and its third best historical record. The office segment concentrated nearly 770 million euros, 22% of the total, with a year-on-year growth of 73%.

InmoCaixa's strategy in the office segment

The acquisition of the Estel building reinforces InmoCaixa's strategy to reorient its portfolio towards assets generating recurring income, in line with the CriteriaCaixa Strategic Plan 2030. Since 2021, the company has been carrying out a responsible and gradual process of divestment in housing, while increasing its presence in sectors such as offices.

In this regard, in December InmoCaixa also acquired the former Novartis headquarters in Barcelona from BC Partners and FREO Group. The asset, located at number 764 of Gran Via de les Corts Catalanes, near the Sagrada Familia and Plaça de les Glòries, has 13,400 square meters, has been recently renovated and was closed for an approximate amount of 80 million euros. BC Partners and FREO had bought it in 2022 for 40 million euros and renamed it Monumento after a comprehensive renovation.

With these operations, InmoCaixa consolidates its role as one of the key players in the office market in Barcelona and is involved in the main transactions in the sector both at the end of 2025 and at the beginning of 2026.