Real I.S. AG has acquired the retail and office property “Las Ramblas 124” on Las Ramblas Boulevard in Barcelona’s city centre.
The property has been purchased on behalf of an individual mandate of a German insurance company. The vendor is KKH Property Investors, a company that specifically specialises in top developments in Spain.
The building, which boasts 4,000sq m of space was built 110 years ago and it is split into equal parts retail and office space and is currently fully let. Within the building, the retail space is let to FC Barcelona and it houses their flagship store, while the offices house SEAT Metropolis Lab Barcelona, a company which specialises in software development for networks and mobility solutions in the SEAT Group.
“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,” said Axel Schulz, Global Head of Investment Management of Real I.S. AG.
“In buying ‘Las Ramblas 124’, we have been able to acquire a fully let building steeped in history in the heart of Barcelona. 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,” added Juan Jiménez Hevia, Head of Country Spain of Real I.S. AG.
