European property fund manager IBA Capital Partners has acquired on behalf of an investor, the El Corte Ingles department store at 23 Plaza Catalunya, at the southern corner with The Ramblas in Barcelona.
The property was formerly Marks & Spencer’s flagship store and was fully refurbished in 2000.
The seven-storey property comprises 8,000 m2. This is El Corte Inglés’ first sale and leaseback deal and it will remain sole tenant of the entire building.
El Corte Ingles has 83 department stores in The Iberian Peninsula (two of which are in Lisbon and Oporto) as well as 39 hypermarkets.
The SPV that has acquired the asset is a SOCIMI statute, Spain’s equivalent of a REIT.
IBA has offices in Madrid, Paris, Freiburg and Mexico and acts as fund manager specialising in acquisition and asset management.
