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Berkshire, Warren Buffett’s Company, Acquires GTS

Berkshire Hathaway HomeServices Spain, the real estate agency owned by Warren Buffett and controlled in Spain by the Rabassa family, has recently integrated GTS Barcelona Real Estate, a company founded by Pere Barcons and Débora Escoda. This integration was achieved through an agreement between the two companies, with no capital outlay required. As of this month, GTS will become part of Berkshire’s operational network, with its brand disappearing but the business’s direction and ownership remaining in the hands of Pere Barcons and Débora Escoda.

Luis Rabassa, the CEO of Berkshire’s Barcelona office, explains that this integration is a strategic move to align their markets and expand their presence. „We are in full expansion mode, aiming to grow in the Balearic and Canary Islands,“ says Rabassa. The collaboration between Berkshire and GTS is expected to increase Berkshire’s property portfolio in Barcelona by 20%.

GTS, specializing in luxury real estate in Barcelona and the Costa Brava since its establishment in 2011, reported a revenue of 6.3 million euros in 2019. With this merger, the company anticipates further growth by leveraging Berkshire’s network and marketing tools. For Berkshire, the integration will strengthen its luxury real estate business in Catalonia, particularly in high-end properties in Barcelona valued at 800,000 euros and above, focusing on areas like the upper Diagonal, Dreta de l’Eixample, and Passeig de Gràcia.

The Rabassa family has a long-standing history in the real estate sector, starting in 1964 with the founding of Petrus Grupo Inmobiliario and later establishing the real estate consultancy Larvia in 2012. Through Larvia, they formed a strategic alliance with Berkshire Hathaway to expand their operations in Spain. Since 2019, Rabassa has expanded their presence in the country with offices in Madrid and Marbella.

Rabassa expresses confidence in the current trajectory of the business, noting significant growth in Barcelona and Madrid. „We are growing by 70% in Barcelona and around 50% in Madrid. There is a high demand for luxury housing, and we have initiated a ten-year expansion plan to establish a strong presence in the Balearic and Canary Islands. Our goal is to become leaders in luxury real estate in Spain,“ says the owner of the real estate agency. Recently, they announced the marketing of a luxury housing development in Sitges valued at 60 million euros.

In conclusion, the integration of GTS Barcelona Real Estate into Berkshire Hathaway HomeServices Spain signifies a strategic move to strengthen their presence in the luxury real estate market in Spain. With a focus on growth and expansion, the Rabassa family continues to drive their business forward, aiming to establish themselves as leaders in the luxury real estate sector nationwide.

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