AEW has announced the off-market acquisition of a prime retail asset on Passeig de Gracia 89, directly opposite the iconic La Pedrera (Casa Mila), in the heart of Barcelona’s main luxury shopping district, on behalf of AEW Europe City Retail Fund from a private vendor.
Financial terms were not disclosed.
The property, which has more than 560 square meters (6,028 square feet) spread over three floors, is fully let to Italian luxury clothing company Loro Piana, part of the LVMH Group, and has a long WALT of 13 years.
Barcelona is the second-largest city in Spain and is among the most popular destinations for tourists across the European Union. Located at the corner of Carrera Provenza and Passeig de Garcia in the north of the Eixample district, the property, which has a large frontage, benefits from excellent visibility. Additionally, Passeig de Garcia is renowned for being one of the most important luxury high streets in the world where global luxury retail
