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Redevco Iberian Ventures to Spend €200 Million on the Purchase & Renovation of a Building from El Corte Inglés in Barcelona.

The objective of the joint venture between Redevco and Ares is to convert the property into an asset comprising shops and prime offices.

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El Corte Inglés has starred in yet another real estate transaction in its race to generate proceeds of between 600 and 800 million euros in exchange for the sale of part of its large asset portfolio. Now it is the turn of one of its iconic properties, located on Calle Portal de l’Ángel, in Barcelona.

The buyer is Redevco Iberian Ventures, a joint venture between Redevco, one of the largest privately owned urban real estate managers in Europe, and a real estate fund managed by Ares Management, one of the world’s leading alternative investment managers.

Read the full article in Spanish.

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