KKH Property Investors has sold the commercial premises located on the ground floor of Passeig de Gràcia 111, located in the emblematic Mandarin Oriental Residences building. The transaction has been advised by Cushman & Wakefield on the seller's side and Font&Yildiz on the buyer's side.
KKH Property Investors has sold the commercial premises located on the ground floor of Passeig de Gràcia 111, located in the emblematic Mandarin Oriental Residences building.
The transaction has been advised by Cushman & Wakefield on the seller's side and Font&Yildiz on the buyer's side.
KKH Property Investors has closed the sale of the commercial premises located on the ground floor of number 111 of the emblematic Passeig de Gràcia, located in the prestigious Mandarin Oriental Residences building, to an international investor. The transaction, valued at approximately 20 million euros, was advised by the real estate consultancy firm Cushman & Wakefield on the seller's side and Font & Yildiz on the buyer's side.
The property, which has been the subject of a major refurbishment by KKH Property Investors, will become Patek Philippe's flagship store from 2025. This strategic retail space is destined to become a reference point for haute horlogerie in Barcelona.
Francesc Oltra , Associate of Capital Markets at Cushman & Wakefield Spain, said: ‘This transaction demonstrates the confidence and interest of investors in the purchase of commercial premises. It is not for lack of buyers, but just the opposite, for lack of good premises for sale, that we have not seen a sale in Passeig de Gracia since 2020. Retail is in a very solid moment, and investors are aware of this and are betting on this type of asset’.
Cushman & Wakefield also advised on the lease of the premises to Patek Philippe in January this year. Situated at the intersection of Passeig de Gràcia and Avinguda Diagonal, the location promises exceptional connectivity, further elevating the brand's accessibility and prominence. The deal also reflects the confidence and dynamism of retail in Barcelona and underlines the attractiveness and strength of the real estate market on one of the city's most iconic avenues.
