Linklaters has advised Real I.S. AG on the acquisition of the retail and office property “Las Ramblas 124” on Las Ramblas Boulevard in Barcelona’s city centre
The property has been purchased on behalf of an individual mandate of a German insurance company. The vendor is KKH Property Investors, a company that specifically specialises in top developments in Spain.
The building, which boasts 4,000 square meters was built 110 years ago and it is split into equal parts retail and office space and it is fully let. Within the building, the retail space is let to FC Barcelona and it houses their flagship store, while the offices house SEAT Metropolis Lab Barcelona, a company which specialises in software development for networks and mobility solutions in the SEAT Group.
“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,” said Juan Jiménez Hevia, Head of Country Spain of Real I.S. AG.
Linklaters advised the buyer with a team led by Madrid office Real Estate head partner Adolfo Guerrero (pictured right), together with Real Estate counsel Gabriel Cabello (pictured left), managing associate Raquel Blanco and associate María de la Mata.