Europa Capital has advised its principal shareholder, Mitsubish Estate, in the acquisition of a 3,000m² development site in Barcelona’s 22@ district, on the Carrer de Cristóbal de Moura.
Mitsubishi Estate London & Europa Capital plan to invest €40M in the development of a new c. 11,600m² grade A office with ground breaking scheduled to take place during 2020.
Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, has stated: “Barcelona is an established and growing business location, and we have long been interested in investing and developing in a city that holds great potential. By partnering with Europa Capital, we can draw on its considerable development expertise, and position ourselves for similar projects in major centres.”
The project will add to Europa Capital’s development record in Barcelona, which includes WTC Almeda Park and various luxury residential projects with local partner Bonavista Developments such as Casa Burés in the Eixample.
Europa Capital’s Spanish portfolio also includes Gran Via Alicante Shopping Centre which it purchased for c. €52 million from Deutsche Bank’s RREEF Investment fund. Europa is said to be currently selling this asset whilst assembling a portfolio of commercial development properties across Europe through a separate vehicle.
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