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, 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

Invesco Buys Property On c/Serrano 53 For €52M

14 December 2016 – Expansión

The German fun Invesco Real Estate is heading into the final stretch of the year as one of the most active funds in the Spanish real estate market, having invested more than €500 million in 2016. Its latest acquisition is Serrano 53. The building on the famous Madrilenian street was constructed in 1905. It is primarily a residential property, but it also houses a retail space, which has been vacant for some time. Its previous owners, a Spanish family office, searched for a tenant for several months following the departure of the accessories company Jota Ele. In the end, it sold the property to Invesco for €52 million.

The German fund will now be responsible for leasing the premises, along with the new homes. The latter represents a change in strategy for the fund. To this end, Invesco has engaged the firms Catella and Knight Frank, which will be responsible for searching for new tenants for the retail and residential premises, respectively, whilst Barba Grupo Inmobiliaria will lead the design of the new homes.

The German fund’s plans, which involve an investment of more than €3 million, will retain the nineteenth century character of the building, with a renovation that will allow the wrought-iron balconies to be conserved, along with the original entrance doorway and interior staircase. In total, Serrano 53 will contain nine homes measuring more than 200 m2. Invesco has already applied for the construction permit, with the aim of handing over the homes to their new owners in June 2018. Although the asking price for these properties has not been set yet, they are expected to fetch between €9,000/m2 and €10,000/m2.

Retail premises

The retail premises on Serrano 53 will be ready sooner. Just a few metres away from Chopard, Cartier and Gucci, this space is one of the largest premises available on the exclusive Madrilenian street. In total, it has a surface area of 1,800 m2 spread over three floors, which is unusual in an area characterised by much smaller stores. “This is a unique property due to its size, and because it shares its location with prestigious brands”, said Íñigo Gutiérrez, Senior Advisor at Catella. “The objective is to lease this store to a luxury brand”, he added.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Meliá Opens Luxury Hotel In Madrid After €30M Refit

2 December 2016 – Expansión

The hotel chain Meliá has inaugurated its luxury hotel Gran Meliá Palacio de los Duques de Madrid, the former Hotel Ambassador, after investing €30 million on the refurbishment of the property. With this new 180-room establishment, Meliá is continuing to strengthen its luxury brand.

Original story: Expansión

Translation: Carmel Drake