Passeig de Gràcia 36 (Barcelona), from Sabadell Bank to Mango
25 June, 2010 No Comments
A few months ago was considering the sale of the Sabadell Bank building, in Passeig de Gracia 36, Barcelona (Spain).
The receipt of offers was carried out by the consultancy C & W, the sale conductor. According to articles published in business and local journals (as La Vanguardia), there have been formal offers for this property by MANGO and APPLE. After a quick sale process, the media confirmed that building was eventually acquired by Mango.
The building has a total of 4.600m2 constructed, distributed on 1.100m2 ground floor and 4 floors of 600m2 each, all with a front line of 20m. Located in one of the best areas of Barcelona, right in the center of business, at the confluence of streets Consell de Cent and Diputació.
The main value of the property is the shop, which consists of 2290m2, well above the value of the offices. Inf act, in 2004 the Reig family bought the top of this building to the Sabadell Bank for € 15 million, with the idea of luxury flats, but this plan was paralyzed due to the housing bubble.
A few months ago, the Sabadell Bank repurchased the top of the building for € 20 million, thus selling the entire building, what would bring greater benefits. The amount of the sale would be € 50 million, assuming a gain of € 30 million.
The buyer, Isak Andic, who made the offer through one of this holding companies, is president of textile group Mango, besides being one of the private shareholders of Sabadell Bank, with a 5.7% stake. In October, he was named president of the Instituto de Empresa Familiar (IEF), relieving the position of S. Pedro Barceló.
Turn to assess the marketing strategy of this transaction, we see a clear reflection of the idea of the fashion leading companies, looking to have a greater presence, occuping key places in the main streets of big cities, in detriment of competence. At number 16 of Passeig de Gràcia is a Zara store located in an excellent strategic place, in the very corner of Gran Via… really we must also recognize their real estate success throughout the world.
A question still in the air is: Why Apple has not been imposed in the bid? As the company has not commented in any way, guess who has decided to leave because he has found another place better or perhaps, after the negotiations process, it has not been as profitable purchase, or its planned investment to open shop Barcelona was only for the value of the premiser and was not interested in the whole building… Whatever reason, we must wait to see where the new Apple Store will be located in Barcelona, which will have wide acceptance (currently there is only one small Apple in FNAC).
