Redevco Iberian Ventures completed the acquisition of El Corte Inglés department store for €200m.

Redevco Iberian Ventures, a joint venture of Redevco, a real estate management services firm, and US private equity group Ares Management, completed the acquisition of El Corte Inglés department store for €200m. “Redevco and Ares have a highly successful track record of partnership in the Spanish market, and I fully expect this latest deal to match our ambitious targets for transforming the urban spaces of our cities. The Barcelona acquisition has all the elements we look for in this type of retail-anchored investment: an ultra-prime location with high footfall in a city that is a magnet for tourists, combined with the opportunity to transform the existing format into a compelling, retail-led mixed-use destination. This perfectly fits Redevco’s strategic focus on creating vibrant places in dynamic urban areas, and thereby helping cities to become more liveable and sustainable,” Israel Casanova, Redevco Managing Director Global Transaction Management.