Hines has signed an agreement with UDIN to develop a site that will include offices and potentially other commercial uses in the [email protected] district of Barcelona, Spain.
Located in Cristóbal de Moura, the site has permission to build up to 30,770 square meters of space and occupies almost an entire city block of more than 8,000 square meters.
This project is in addition to those already being developed by Hines in the [email protected] district, which include two student residence complexes offering 1,100 beds, an international business school and an additional office building. These transactions consolidate the international real estate firm as one of the main developers of the [email protected] district, an area that is already one of the most important innovation hubs in the country and is home to the headquarters of companies such as Amazon, eBay and Glovo.
Lars Huber, CEO of Hines Europe, said: “We are very pleased to be investing in the [email protected] district, one of Europe’s most exciting regeneration projects. Across Europe and the world, Hines has a strong track record of delivering major urban regeneration schemes, and we will be bringing our international expertise to this dynamic new area of Barcelona. This agreement further consolidates Hines’ presence in Spain and complements our existing assets in Barcelona where our projects amount to over 118,000 square meters of GLA, and where we see great long-term potential for growth.”
“This asset is located in a strategically important area of the city, which will become an exciting hub for innovation with the international business school and other innovative organisations moving into the area, alongside a growing student population. Hines has been a strong advocate and investor in this area of Barcelona for more than 25 years, when the firm first launched the mixed-use, master-planned Diagonal Mar development. We are looking forward to working with partners to once again shape its long-term future and to create an innovative, sustainable and future-focused [email protected] district,” said Vanessa Gelado, senior managing director and Hines Spain country head.
Hines was advised by Cushman & Wakefield and Garrigues, while UDIN was represented by Banca March as financial advisor on the transaction.