Luxury Brands Flood Barcelona’s Paseo De Gracia

22 September 2017 – Eje Prime

Paseo de Gracia is getting ready to renew its portfolio of brands. The street, one of the most sought-after in Spain for international luxury, will see the arrival of three new firms over the next few months. According to modaes.es, Christian Louboutin and Isabel Marant will both open their second stores in the Spanish market, whilst Fendi is going to make its debut in the country.

Those three firms will soon play their part in a busy year for Paseo de Gracia. On Tuesday, the Barcelona street witnessed the public opening of Uniqlo’s first establishment in Spain, whilst a week ago, Kiabi was in the limelight, when it opened a store at number 11.

In February, H&M opened its largest establishment in the Spanish market on Paseo de Gracia in the Generali building, and in April, Sandro, owned by the French group SMCP, opened its first store on the street at number 37.

Isabel Marant, who already has one store in Madrid, has signed the lease at number 32 on Paseo de Gracia, after the investment fund BMO Real Estate Partners decided to split the premises occupied by Adolfo Dominguez in two.

The arrival of Isabel Marant in Barcelona comes just a few months after the investment fund Montefiere Investment acquired 51% of the share capital in the French company, with the aim of accelerating its development and geographical expansion (…).

Meanwhile, Christian Louboutin will take over the Starbuck’s store on the avenue. The US coffee chain currently occupies number 97 on Paseo de Gracia, next door to the multi-brand business Santa Eulalia and the firm Jimmy Choo.

The footwear brand launched its first establishment in the Spanish market in 2009. Christian Louboutin opened a 150 m2 store at number 13 on Calle Claudio Coello in Madrid.

The third operation on Paseo de Gracia is going to star the French giant LVMH. Fendi has signed the lease of number 38 on the Barcelona street, a property that has been on the market since March last year, when Hugo Boss moved to another site.

According to Cushman & Wakefield, after Portal de L’Angel, Paseo de Gracia is the second most expensive commercial street in Barcelona for opening a store. The price per square metre amounts to €230/month, compared to €270/m2/month on Portal de L’Angel, which retains its position as the most expensive street in Spain.

Original story: Eje Prime (by I. P. Gestal)

Translation: Carmel Drake

Vastned Buys Its Sixth Retail Store In Madrid For c. €10M

21 December 2016 – Expansión

The Dutch group Vastned is continuing to expand its real estate portfolio in Spain. The company has just acquired its sixth retail outlet in Madrid for around €10 million. The property, which has a surface area of 600 m2, is located at number 37 on Calle Fuencarral and is leased to the sports clothing and equipment brand Décimas.

Following this operation, Vastned now owns three stores on Calle Fuencarral; it already owned number 23 and 25 on the Madrilenian street. “Fuencarral is one of the most sought-after retail areas for operators, investors and domestic brands looking to expand their businesses due to its high footfall. As a result, store rents and prices per m2 in the area are on the rise”, explained Enric Vial, CEO at Retail Prime Locations, which advised Vastned in the operation.

Vastned owns another store on Calle del Carmen, next to Calle Preciados (the most expensive retail street in Madrid), as well as on Calle Serrano 36, which is leased to the luxury firm Ferragamo. In November, it purchased another store, located on Calle Ortega y Gasset, for €16 million, which is leased to the luxury shoe designer Jimmy Choo.

Original story: Expansión (by R. Ruiz)

Translation: Carmel Drake

Dutch Firm Vastned Buys Jimmy Choo Store In Madrid

25 November 2016 – Expansión

The Dutch real estate group has strengthened its presence in Spain with the purchase of a luxury store at number 15 on the Madrilenian street of José Ortega y Gasset. The premises, which are occupied by the exclusive shoe and bag maker Jimmy Choo, have a surface area of 396 m2 spread over three floors – the basement, ground floor and mezzanine levels – . Market sources indicate that, given the location and characteristics of the asset, the store is worth between €15 million and €18 million.

The asset, which was previously owned by a private wealth fund, is located on Madrid’s Golden Mile, in the exclusive neighbourhood of Salamanca. The operation has been advised by the real estate consultancy JLL, which declined to comment on the transaction.

The Vastned group is headquartered in The Netherlands, where it is listed on the Amsterdam stock exchange. It owns assets in several European cities including Amberes, Madrid, Paris, Frankfurt and Istanbul.

The firm specialises in retail assets, which are located in prime areas and, therefore, susceptible to being leased to domestic and international luxury brands.

In the Spanish capital, Vastned owns two stores on Calle Fuencarral, at numbers 23 and 25, leased to Pepe Jeans and Crocs, respectively; one store on Calle Carmen 3, occupied by Real Madrid; and one store on Calle Serrano 36, leased to Salvatore Ferragamo.

Original story: Expansión (by R. Arroyo)

Translation: Carmel Drake