Hines spends €38m on prime retail in Barcelona

Hines, the international real estate firm, has acquired a prime retail asset in Barcelona from a private Spanish investor for €38.5 mln.

Arcs 10 is a 1,200 m2 unit located on Calle Arcs immediately adjacent to Portal del Angel, in the heart of Barcelona’s most prominent commercial and retail location.

The property is let to Barcelona-based international fashion retailer Desigual, which has occupied the unit since 2007. Since its foundation in Ibiza in 1984,

Arcs 10 was acquired on behalf of the Hines Pan-European Core Fund (HECF), which is actively looking to make further purchases in Spain in 2016.

HECF is a euro-denominated, Luxembourg-based investment fund set up in 2007. Managed by the Hines group, its aim is to build a large portfolio of commercial real estate across Europe

Jamie Rea, managing director, Hines Spain, said: 'With the acceleration of economic growth, take off of retail sales and consequent performance of the high street, Spain is an attractive market, where tenant activity is seen to be strongly improving, for both existing retailers in the market, and newcomers seeking to make a presence.'

'This is a market on which we will be placing considerable emphasis across our European platform this year, alongside further diversification of our asset class base,' added Peter Epping, managing director, Hines Europe, and manager of the fund.

Hines were advised by legal firm Ashurst.