Real IS has invested an undisclosed sum to buy a retail and office property in Spain from KKH Property Investors.
The €9.2bn real estate investor said it has bought the Las Ramblas 124 asset on Las Ramblas Boulevard in Barcelona’s city centre on behalf of an individual mandate of a German insurance company.
Built in 1910, the fully-let 4,000sqm Las Ramblas 124 building is divided into equal parts of retail and office space.
The retail space is leased to FC Barcelona’s flagship store. The offices are home to SEAT Metropolis Lab Barcelona.
Axel Schulz, global head of investment management of Real IS, said: “Barcelona’s office market has meanwhile become one of the most attractive in Europe. Rising demand in recent years has led to significant excess demand.
“The fundamental drivers of Barcelona’s office market will remain intact also after the Corona epidemic.”
The retail space is leased to FC Barcelona’s flagship store. The offices are home to SEAT Metropolis Lab Barcelona.
Juan Jiménez Hevia, head of country Spain of Real IS, said: “Good connections to public transport and its central location make the building a desirable retail and office property.”
“The new lease agreement agreed with SEAT during the pandemic also demonstrates the sustainability of the location.”
To read the digital edition of the latest IPE Real Assets magazine click here.
