Hines acquires prime retail asset in barcelona

Hines has acquired a prime retail asset in Barcelona from a private Spanish investor for €38.5 million.

The Arcs 10 asset is a 1200-square-metre 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 and has become become one of the largest fashion retailers in Europe, with shops 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, say: "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, adds:  "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."