Redevco Iberian Ventures pays €200m for Barcelona asset

Redevco Iberian Ventures, a joint venture of Redevco and U.S. private equity group Ares Management, has acquired the El Corte Inglés department store in the heart of Barcelona to transform it into a highly sustainable, mixed-use prime location.

The joint venture project represents an estimated total investment of more than €200 million ($194 million).

“This perfectly fits Redevco’s strategic focus on creating vibrant places in dynamic urban areas, and thereby helping cities to become more livable and sustainable,” said Israel Casanova, Redevco’s managing director global transaction management.

The 18,000-square-meter (193,750-square-foot) El Corte Inglés building is now operated as a sports fashion department store on nine floors and is located on the main Porta d’Angel shopping and tourist thoroughfare in Barcelona, with excellent visibility due to its two prominent and large facades.

Redevco and Ares plan to transform the asset into a Grad