Mitsubishi Estate and Europa Capital acquire Barcelona development site
Mitsubishi Estate London, advised by Europa Capital, a pan-European real estate investment manager, has acquired a 0.8-acre development site on Carrer de Cristóbal de Moura in central Barcelona. The site was purchased from a private seller.
Mitsubishi Estate London and Europa Capital plan to invest €40 million ($45 million) in the development of a new 11,500-square-meter (125,000-square-foot ) class 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 development activity 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.