US investor Hines has tied up with local companies Espais and Apex & Landscape to build out four new phases of Hines Europes ¬878 (£530m) Diagonal Mar in Barcelona. The phases – Diagonal 1, Illa del Bosc, Illa de la Llum and Illa del Mar are valued at ¬300m (£180m) and comprise a total of 1,000 apartments to be developed jointly by the partners.
Their stakes are split equally between Espais and Iberdrola Apex, and the Banc Sabadell, via its real estate arm, Landscape.
Iber Espais, made up of Espais and Apex, and Hines are already developing offices, rental apartments and a hotel at Diagonal Mar.
The scheme, Hines biggest project in the world, includes a 87,000 sq m retail and leisure centre, a 74,000 sq m office and hotel development and the citys third largest public park.
EGi News 29/03/00
