REDEVCO has acquired the Modelo building, a landmark retail property at 131 La Rambla in Barcelona. The Modelo building is located in one of the city's prime shopping areas at the intersection of Pelayo and Rambla Canaletas and on the corner of Plaza Cataluña, and has a surface area of 3,150 m².
REDEVCO has signed a lease contract with the prestigious Swedish fashion retailer H&M, a regular tenant of REDEVCO and one with which the real estate company enjoys a close business relationship.
REDEVCO already owns five properties in Barcelona, all of them located in strategic areas of the city. Of REDEVCO's total portfolio in Spain and Portugal, 80% is invested in retail properties and 20% in logistics and office buildings. Part of the company's short-term commercial strategy is to increase its presence in the Iberian Peninsula through retail, logistics and offices buildings, with a special focus on shopping centres and high street retail properties, as well as beginning real estate development activities.