Portal de l’Angel, Barcelona

Background:

El Corte Inglès launched the sale of Portal de l’Angel, an iconic and historic mixed-use building comprising around 18,000m² of retail space and office accommodation.

Strategy:

JLL’s Retail CM, Offices CM, Retail Agency, Offices Agency, Tetris and P&DS worked hand in hand to deliver a viable, profitable business plan for the asset.

The OneJLL approach gave Ares/Redevco the security to present a very competitive offer, and also to show to El Corte Inglés the credibility of a strong commitment to close the transaction.

Ares/Redevco were chosen for a competitive DD against Orion/Milligan. The strength of our analysis, the market knowledge of both capital markets and agency teams were a key determinant for Ares/Redevco to ultimately being chosen as the finalist.

Results:

Contract exchanged in July and closed in October for c. €200m.

Ares/Redevco already appointed JLL’s office and retail agency teams to lease the asset.