(LONDON) – Hines, the international real estate firm, has acquired a prime retail asset in Barcelona from a private Spanish investor for €38.50 million.
The Arcs 10 asset is a 1200 square meter unit located on Calle Arcs immediately adjacent to Portal del Angel, in the heart of Barcelona’s most prominent commercial and retail location.
The asset is leased to Barcelona-based international fashion retailer Desigual, which has occupied the unit since 2007.
Since its foundation in Ibiza in 1984, Desigual has become one of the largest fashion retailers in Europe and is now present in 42 countries across the world.
Arcs 10 was acquired on behalf the Hines Pan-European Core Fund (HECF), which is actively looking to make further purchases in Spain in 2016.
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.”
Peter Epping, managing director, Hines Europe, and manager of the fund, said: “This acquisition helps to further grow the fund’s exposure to retail and expands its geographical reach across Spain. 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.”
HECF is a Euro-dominated, 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.
Hines were advised by legal firm Ashurst LLP, and specialist Spanish real estate consultancy, Aguirre Newman.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. According to the Institutional Real Estate’s 2015 Global Investment Managers Survey, Hines is the world’s fourth largest real estate investment manager. Visit www.hines.com for more information.