Real I.S. AG has acquired the retail and office property “Las Ramblas 124” on Las Ramblas Boulevard in Barcelona’s city centre on behalf of an individual mandate of a German insurance company. The vendor is KKH Property Investors, specialised in developments in prime locations in Spain. The around 4,000m² building which was erected in 1910 is located in Barcelona’s historical city centre. It is divided into equal parts of retail and office space and is fully let. The retail space is leased to FC Barcelona’s flagship store. The offices are home to SEAT Metropolis Lab Barcelona, a company specialised 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.
“Las Ramblas 124” has six floors and an additional underground floor and features an additional roof terrace. The building formerly housed the Hotel Montecarlo. Its historical façade was preserved during extensive renovation, and it offers bright office space through the glass on the side of the building. During the process of renovation, great emphasis was placed on the property’s sustainability, which is reflected by its LEED Gold certification.