Mitsubishi Estate London, advised by Europa Capital, the pan-European real estate investment manager, has acquired a 3,200 m2 development site on Carrer de Cristóbal de Moura in central Barcelona, Spain, from a private seller.
Financial details were not disclosed.
Mitsubishi Estate London and Europa Capital plan to invest €40 mln in the development of a new 125,000 ft2 (11,600 m2) grade A office building, with construction due to begin in 2020.
Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, said: '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 within 22@, Barcelona’s new business district, the project will add to Europa Capital’s 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.
Bonavista Developments will be undertaking the development management for the project and JLL and Uria Menendez advised on the transaction.