The Carlyle Group Makes Its First Real Estate Investment in Barcelona
Barcelona ĖThe Carlyle Group, the global private equity firm, today announces it has recently purchased a development site in St. Adriŗ del BesÚs, Barcelona. The site is located near the 22@ District/Forum 2004 area of the city and permits a 15,500 m≤ mixed use development.
The site comprises two adjacent land plots which are located in south-east Barcelona between calle Manuel FernŠndez and calle Llull near Barcelonaís ring road, the Ronda Litoral. The joint zoning of the plots will allow for the development of approximately 15,500 m≤ of which 5,700m≤ residential, 3,000m≤ retail, and 6,600m≤ hotel/office.
Next to the site there are important developments such as Diagonal Mar, the Forum 2004, and the 22@ District. A new university campus, ĎCampus del BesÚs,í including a notable office/student residence building designed by the well-known architect Zaha Hadid, is being constructed in the area.
Rachel Lupiani, Associate Director, The Carlyle Group, said, ďThe Carlyle Groupís real estate team has invested in over 55 transactions across Europe since 2001; this is our third investment in Spain and our first in Barcelona. The zoning of this site represents an exciting opportunity for a mixed use development project in an area that is being transformed by an urban regeneration, and is witnessing increasing demand for residential, hotel, retail and office space. Barcelona is a dynamic and thriving city, and we are delighted to contribute to the renewal of St. Adriŗ del BesÚs with a high-quality development.Ē
Carlyle is investing in this project through its second European real estate fund, Carlyle Europe Real Estate Partners II, a Ä760 million fund. The fund closed in September 2005 and is over 90% invested.
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