Bain Capital and FREO Group Announce Sale of Estel Building in Barcelona

LONDON and BARCELONA — January 30, 2026 – Bain Capital, a leading global private investment firm, and FREO Group (FREO), an international investment and management firm, today announced the sale of the Estel Building located in central Barcelona to InmoCaixa, the real estate subsidiary of CriteriaCaixa.

The transaction, the largest in terms of value for a single property in the Barcelona office market to date, successfully completes the renovation and transformation of one of the city’s most iconic assets.

Since acquiring the building in 2021, Bain Capital and FREO have carried out a comprehensive renovation plan for the property, which included as its main aspects the structural renovation of the asset, creating single tenant floors of more than 5,000 sqm, various commercial premises, and numerous number of amenities for tenant use, including, highlighting a large auditorium with capacity for more than 300 people, a gym and two canteens, as well as a communal garden courtyard and a roof top with 360-degree views of the city of Barcelona.

The Estel Building, located at the intersection of Avenida Roma and Carrer de Mallorca, has a a gross leasable area of 52,000 sqm. Today, the building is over 93 percent leased to a mix of international technology and innovation tenants, AstraZeneca as the anchor tenant. It holds LEED and WELL Platinum certifications, along with WiredScore and SmartScore Platinum ratings.

This investment is part of Bain Capital’s Europe Real Estate strategy, which focuses on developing and repositioning high-quality assets in markets with limited supply. This transaction is also aligned with FREO Group's approach

"The fundamental transformation of Estel represents our commitment to delivering best-in class assets, meeting ever increasing tenant demand, through local management and operational precision," said Rafael Coste Campos, a Partner at Bain Capital. "We’re proud to have delivered a high-quality, sustainability-led asset, with our partners at FREO. This asset demonstrates our ability to deliver fundamental value to our investors through differentiated off-market sourcing, heavy CAPEX program, successful leasing and optimized exit, navigating a complex market environment."

"This sale is the outcome of a full-cycle investment built on vision, partnership, and performance," said Francisco Bello, an Operating Partner at Bain Capital. "We continue to see opportunity in high-barrier European markets where repositioning and thematic investment can unlock durable value."

“At FREO Group, we are adding this major project to our track record of asset repositioning projects in Europe, generating significant value for the cities where they are located, the surrounding area and its residents, as well as for the tenants themselves, providing them with properties of the highest quality and services, and always committed to sustainability and technology,” said Jorge Gutiérrez, Managing Director of FREO Group.

Advisors
Bain Capital and FREO Group enlisted the architectural firm BCA for the design and project management, with Savills advising on the commercial aspects of the transaction and the firm Cuatrecasas for legal and tax advice.

ENDS

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About FREO Group
Established in 1996, FREO Group is an independent international investor, developer and manager of high-quality real estate. From 13 offices in Germany, the United Kingdom, France, Italy, Spain, Switzerland, Luxembourg and the USA, FREO has worked on more than 50 projects totaling in excess of 2 million square meters. Further information is available at www.freogroup.com.