A family office has acquired the premises occupied by the global bridal fashion brand Pronovias on Rambla Catalunya 129, in the Catalan capital. The transaction consolidates the presence of the investor in Spain, who did not wish to reveal his name, and more specifically in Barcelona.
Cushman & Wakefield has brokered the transaction while the law firm Font & Yildiz has advised the buyer on the legal side.
This is the bridal fashion brand's flagship store, with almost 700 sq m of corner space and more than 25 metres of façade. The space includes a shop with a lounge at the entrance, a showroom of the brand's most significant dresses, VIP fitting rooms and a bar area with a champagne bar.
"The sale and purchase transaction demonstrates that the investment market is active, and that investors continue to be interested in retail assets, especially those with established tenants, secure leases and prime locations," said Mònica Manguillot, Capital Markets Associate at Cushman & Wakefield in Spain.
Rents in Barcelona
"In terms of rental income levels in Barcelona's main shopping streets, the first quarter of 2021 maintained the same price levels as the end of 2020". And -he adds- "although we cannot yet speak of a generalised stability in the rents of these premises, it is expected that the dynamics will cease to be uniform in terms of adjustments in the coming months", adds Manguillot.
Moreover, she assures that it will be from the second quarter onwards when we expect to see different behaviour depending on each street and even depending on each premises: "In the main streets of Barcelona no more premises closures have been recorded during the first quarter of 2021 than those registered at the end of 2020."