AEW’s Europe City Retail Fund has purchased a prime retail asset on Passeig de Gracia 89, cornering Carrer Provenza in front of Gaudi’s Casa Milà in an off-market transaction advised by Cushman & Wakefield.
The property enjoys an excellent location in Barcelona’s main luxury shopping district and has a total GLA of c. 560m² set accross three floors. It is fully let to Italian luxury clothing company Loro Piana, part of the LVMH Group, and has a long WALT of 13 years.
The asset was owned by Galician businessman Adolfo Domínguez until 2012 when it sold it to Inmobiliaria Comercial Cerdeña S.A., the property arm of pharmaceutical company Lacer S.A. for €13million.
According to Nikos Koulouras, Head of Investments for AEW’s Private Equity Funds in Europe, added: “We are very pleased with the latest off-market acquisition of this prime retail asset on one of Europe’s most sought after streets for luxury retail. We continue to believe in the strength of the Spanish real estate market and we have further appetite for acquiring prime high-street assets in both Madrid and Barcelona.”
Christina Ofschonka, Fund Manager for Europe City Retail at AEW, commented: “This investment is perfectly aligned to the Fund’s strategy of targeting prime highstreet retail assets in thriving European cities, which offer secure income and strong covenants. We continue to add high-quality assets to the Fund portfolio which now counts 22 assets across eleven cities including Milan, Madrid, Paris, Copenhagen, Glasgow, with a total value of €620m.”
Photo from BSC Associates who advised Loro Piano on the opening of their store in Barcelona.
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