Redevco Iberian Ventures, the joint venture between the real estate manager Redevco and the investment manager Ares, has acquired the El Corte Inglés building on Calle Portal de l'Àngel in Barcelona, which has 18,000 square meters, and has earmarked more than 200 million euros for the purchase and remodeling of the property.
In a statement, this company has explained that it wants to "reposition" this emblematic building, and for this it will invest in turning it into a sustainable building with floors for first-class commerce and others that will house "state-of-the-art offices".
This Corte Inglés is located in the heart of Barcelona, on one of the city's busiest shopping streets. The consulting firm JLL and the Pérez Llorca law firm have participated in the operation, advising Redevco Iberian Ventures, while Cushman
The director of Redevco Israel Casanova has highlighted the "attractive investment opportunity given its location", while the vice president of Ares Real Estate, Álvaro Urbón, has commented that this operation will serve to "support the revitalization of this historic building in one of the most popular shopping streets in Europe".
