Europa Capital, with local partner Bonavista Developments, has acquired the historic building of Casa Burés located in the heart of Barcelona for €18.8 million. Europa Capital completed the investment on behalf of Europa Fund IV.
Casa Burés is a 1905 partially listed building and represents a prestigious example of Barcelona’s golden age of architecture. The property comprises 7,000 square metres of gross floor area. Although originally developed as a residence and business premises for a wealthy local merchant, it has been unoccupied for the past decade. Europa Capital and Bonavista plan to refurbish the property to once again be occupied as luxury residences.
The Casa Burés acquisition is the second for Europa Capital and Bonavista, following the acquisition earlier this year of another historic building located on Casp, also in the centre of Barcelona, and a further property is contracted for completion early next year with further acquisitions expected.
Jason Oram, partner at Europa Capital, said; “The Casa Burés acquisition demonstrates Europa’s continued confidence in a sector that it considers to offer compelling value in the Spanish market, as prices have fallen significantly, there is almost no competition and investor demand remains very strong and growing”.
Marcus Donaldson, Europa Capital’s Country Partner for Spain and co-founder of Bonavista, said; “The refurbishment of Casa Burés will provide the market with a residential product like no other in Barcelona and which will appeal to both domestic and international buyers”.
Europa Capital is an established real estate fund management group operating across Europe adding value through risk-based acquisition strategies and active asset management on behalf of its investors.
Since 1995, Europa Capital’s Principals have collectively raised 7 real estate funds and committed to over 80 transactions totalling some €8.0 billion across 18 European countries.
The Europa Funds benefit from Europa Capital’s established network of partners across Europe who co-invest in acquisitions made by the Europa Funds. These country and joint venture partner relationships in some cases extend back more than 20 years.
Further information can be found at www.europacapital.com.
Europa Capital is a member of The Rockefeller Group (“RGI”). RGI is a strategic investor alongside Management.
Europa Capital Partners LLP and Europa Capital LLP are authorised and regulated by the Financial Conduct Authority.
For further information contact:Gordon Simpson/ Charlotte WhitleyRLM FinsburyPhone: +44 207 251 3801