Mitsubishi Estate and Europa Capital acquire Barcelona development site
Mitsubishi Estate London, advised by Europa Capital, has acquired a 0.8-acre development site on Carrer de Cristóbal de Moura in central Barcelona, Spain. The site was purchased from a private seller.
Mitsubishi Estate London and Europa Capital plan to invest EUR40 million in the development of a new c125,000 sq ft (c11,500 sq m) grade A office building, with construction due to begin in 2020. Located within 22@, Barcelona’s new business district, the project will add to Europa Capital’s impressive development record in Barcelona, which includes WTC Almeda Park and seven residential projects including Casa Bures in the Eixample.
The project builds on the existing relationship between the two companies. Mitsubishi Estate is Europa Capital’s principal shareholder and the two companies are currently assembling a portfolio of commercial development properties in Europe through a separate vehicle.
Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, says: “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.”
Located in 22@, Barcelona’s new business district, the development is set to capitalise on the shortage of high quality office supply in this fast growing area of the city. The property, which is close to Agbar Tower at the gateway to 22@, is also in close proximity to Sagrera railway station which will be home to a new high speed rail link from Madrid.
Bonavista Developments will be undertaking the development management for the project and JLL and Uria Menendez advised on the transaction.