The Luxembourg-based Eurostone fund, managed by Catalan group Mina, has finalized the acquisition of two prime residential rental buildings in Barcelona from insurance giant Axa. The deal marks a significant move within the city’s evolving rental property market and nearly completes Axa’s broader divestment strategy for its Spanish residential holdings.
Key Details of the Transaction
The two properties involved—Girona 181 in Eixample and Sagrera 106 in La Sagrera—cover a combined 2,493 square metres, comprising 27 apartments and four commercial units. These buildings are already partially leased and represent stabilized assets within Barcelona’s sought-after rental housing market.
The new owner, Eurostone, specializes in the purchase and refurbishment of residential assets and boasts an extensive portfolio in the central districts of Madrid and Barcelona. The purchase was orchestrated by Mina, a group led by industry veterans Xavier González Dolz and Fernando Conde, both former top executives at Restaura.
Strategic Expansion and Market Influence
The acquisition further strengthens Eurostone and Mina’s strong position in Spain’s urban residential sector. Over recent years, Mina has managed to secure close to 50 property assets for a total value approaching €1 billion, with more than €400 million currently under management. Past standout deals include the 2018 acquisition of two residential buildings in Barcelona’s Sarrià and Sant Gervasi neighborhoods for €50 million.
Navigating a Complex Investment Climate
This latest transaction stands out due to the regulatory hurdles that have rendered Barcelona a less favored destination for large institutional rental investors in recent years. Local government measures aimed at curbing so-called ‘speculative’ real estate deals have added layers of complexity to such acquisitions.
Market sources confirm the sale required waiving first-refusal rights by both the Generalitat (regional government) and Barcelona City Council. However, neither administration demanded to acquire the properties for public housing, paving the way for the Eurostone-Mina purchase.
Part of Axa’s Larger Spanish Portfolio Sale
The buildings were part of an initial portfolio of 17 residential complexes across Spain (mainly in Madrid and Barcelona, but also in cities like Valladolid), acquired by Axa Investment Managers from Goldman Sachs and B Capital in 2017 for €170 million. That original package included 28 buildings, 65,000 square metres, and 850 units, with occupancy levels close to 100%.
In recent months, Axa has been winding down its Spanish residential portfolio, enlisting consultancy TC Gabinete Inmobiliario to advise on the remaining assets, valued at about €80 million for a dozen properties. The Eurostone deal, finalized at the notary just days ago, represents one of the last major sales from this strategic divestment.
Outlook: Barcelona Remains Attractive for Select Investors
While Barcelona has become less accessible for institutional investors, deals like this one show that experienced local players and specialized funds continue to see strong value in the city’s residential rental market. By leveraging deep knowledge of local regulations and tenant needs, groups like Mina and Eurostone are shaping the next phase of urban housing investment in Spain’s top cities.
For renters and investors alike, the transaction highlights a market that remains dynamic despite regulatory complexities, with new international investment still finding its way into the heart of Barcelona.
